Bitcoin clings to $36K as data suggests BTC price sell-off came from short-term holders

cointelegraph.com:

Bitcoin (BTC) found a new home at $36,000 into May 7 as volatility finally cooled into the weekend. 

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling the $36,000 mark overnight after losing 12% in just 72 hours.

Still near its lowest levels since late February, the pair had nonetheless avoided a rematch of 2022 lows at the time of writing despite low-volume weekend market conditions.

In his latest Twitter update on May 6, popular trader Anbessa highlighted the planned support level to buy Bitcoin in what he described as a "fakeout" — a zone beginning at just under $33,000.

#Bitcoin Update Twitter friendly, easy words BTC support, BTC fakeout we want to buy. Chop very profitable it was. Now waiting for final HTF entry we do. Superior we are. pic.twitter.com/Lt5XT5rRKw

While some eyed profit opportunities, however, there was no hiding others' losses, notably those of the Luna Foundation Guard (LFG), the nonprofit organization attached to Blockchain protocol Terra which this week purchased $1.5 billion of BTC in over-the-counter deals.

According to data from on-chain monitoring resource BitInfoCharts, LFG was down over $240 million on its BTC stash at the time of writing, this not including the week's latest purchase.

As Cointelegraph reported, Terra and its co-founder Do Kwon remain committed to buying unlimited amounts of BTC to back their U.S. dollar stablecoin, TerraUSD (UST).

Bitcoin-skeptic gold bug Peter Schiff meanwhile suggested that whales were responsible for keeping BTC/USD at $36,000.

Analyzing possible reasons for the extent of Bitcoin's losses beyond stock markets, on-chain analytics platform CryptoQuant noted that speculators may have had an overriding influence on the week's proceedings.

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