most who sell at $ 17k are beginners
people keep inferring that the sellers at $17k are newbies that sold at a loss..
heres some logic..
firstly to push the price down this low required a heck of alot of BTC to do so...
now lets imagine 2 groups of say 20,000 people..
they all invest say $2k (1-2 months of salary at minimum wage for most western countries)
meaning each group totals $40,000,000
now imagine one group is old investors from 2016. ($500/btc)
their total combined btc haul is 80,000btc
imagine the other group bought in 2021-2 ($40k/btc)
their total combined btc haul is 1,000btc
now which group 1k or 80k btc do you think has the most potential yield to push the price down significantly..
logic is the older group with 80x more coins. and psychologically they would happily do it because they are in a 17-40x profit in prices when pushing it down from $40k-$17k in recent months.
now imagine in this demonstration of randomly chosen number of users..
20,000 less people wiling to sell down to $1k because they have sold somewhere between $40k->$17k
and imagine there are now more holders holding value $17k+