• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Miner Outflows a Grave Sign for BTC Despite $11,000 Breakout

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin has seen some intense strength throughout the past several days, with the cryptocurrency marching from lows of $9,900 to highs of over $11,000 that were set today.

This strength is somewhat unique in that BTC is the only major cryptocurrency currently marching higher, as most others are stuck within consolidation phases or downtrends.

Ethereum, for instance, is still trading well below its key $380 resistance level, with each attempt to surmount it resulting in strong selloffs.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The weakness seen by ETH – relative to that seen by the benchmark crypto – has largely come about as the result of the DeFi sector’s ongoing downtrend, which has created a headwind for Ethereum.

Although Bitcoin does appear to be benefitting from this ongoing altcoin exodus, analysts are noting that a spike of BTC from miners into exchanges seems to indicate that a selloff could be imminent.

One trader is noting that he expects the benchmark cryptocurrency to extend its recent weakness slightly further before finding enough strength to reverse its downtrend.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Flashes Mixed Signs as Analysts Watch for Reaction to $11,200 

At the time of writing, Bitcoin is trading up over 2% at its current price of $11,015, which is around where it has been trading for the past few hours.

This is around where it faces strong resistance, with many analysts setting their sights on a move up towards $11,200 before it rejects and potentially plunges lower.

While speaking about this, one analyst explained that a rejection at this price region would be grim, whereas a break above it could lead to significantly further upside in the days and weeks ahead.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

“BTC: Still below previous range before the drop and want to see price move back up over $11,200. Will watch for a potential rejection at this level. But closing back above $11ks is what I’m looking for next. A breakdown to low $10ks likely leads lower (CME gap $9600s),” he said.

Bitcoin

Image Courtesy of Josh Rager. Chart via TradingView.

Miner Exchange Outflows a Bearish Sign for BTC

Another analyst explained that although he is bullish on Bitcoin in the mid-term, he still expects it to see some further weakness in the short-term due to a spike in miner exchange inflows.

“I’m bullish on Bitcoin and ETH midterm/longterm, but I don’t think last week’s correction is over. Big spike in Miners to Exchanges,” he said.

Image Courtesy of Cole Garner. Chart via Glassnode.

Because miners might sell into the liquidity created by this ongoing upswing, there’s a strong chance that further downside is imminent in the near-term.

Featured image from Unsplash.
Charts and pricing data from TradingView.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn

3 hours ago
Bitcoin Still Very Bearish, Says Peter Schiff

Bitcoin Still Very Bearish, Says Peter Schiff

1 day ago
Bitcoin Funding Rates Remain Positive As Bullish Sentiment Continues

Bitcoin Funding Rates Remain Positive As Bullish Sentiment Continues

1 day ago
Bitcoin

Quant Explains How Bitcoin NUPL Cycles Are Getting Less Volatile With Time

2 days ago
Taro Taro Taro

Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market

3 days ago
Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Celebrities Back IBAT at Battle Infinity Launch Party

August 16, 2022

Go Around the World with 1xBit and Win Crypto

August 16, 2022

Upcoming MetaShooter NFT sale on the biggest platforms on 17th of August! Hidden gem just revealed!

August 16, 2022

Investors Should Buy These Cryptos Today: Uniglo (GLO), Bitcoin (BTC) And Fantom (FTM)

August 16, 2022

Gnox (GNOX) Causing Polygon (MATIC) And Avalanche (AVAX) Investors To Bridge Over After Presale 100% Sold

August 16, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.