This BTC cycle has a significant difference compared to previous ones: no matter how high the coin price is, there are still buyers, mainly relying on 'new buyers' and 'faithful old players'. They tend to buy in when the coin price drops, adding to their holdings to reduce costs.

Look at the chart below: during the decline from 8.13 to 8.22, new buyers purchased a total of 106,000 BTC (Chart 1); faithful old players increased their holdings by 131,000 BTC (Chart 2).

Without the support of these two forces, BTC would not be at its current price. $BTC