i disagree with this part. you are seeing it as a support not being broken but i see it as a resistance not being broken and it seems like most people have been in the same boat although i have been buying bitcoin but they don't. instead people see the resistance (that is $40k) not breaking so they hesitate to buy.

the result is that the fiat holders are increasing.

if we check the recent dump we can clearly see that despite the huge manipulation and the panic sell that has been going on for the past 7-8 hours price is still barely below $30k. it proves that the "weak hands" who panic sold have not bought back and there is a massive amount of cash waiting on the sidelines right now waiting for a small signal to enter.