I have also considered this issue myself, and I think there are two points. First, the market has been oscillating for too long, from March until now, it has been oscillating for half a year. Almost every price between $50,000 and $70,000 has been reached. Those who were supposed to buy during this long period have already done so, and there is still no more attractive entry point. This may be the reason for the decline in buying power.

Secondly, the investors who have already bought may not necessarily pay attention to the recent days, weeks, or even months of price changes. These people may hold positions on an annual basis. Of course, if the price is attractive enough, they will exit, but the recent trend is not enough to make long-term investors exit. The length of time they hold their positions can be seen, and $70,000 is of the least interest to them.

The space for them to exit due to low prices has become smaller and smaller. Those who are worried about recession and panic selling have already left. More of those who remain are long-term and high-net-worth investors, which is why the situation of neither buying nor selling has formed.

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