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bitcoin miner rally selloff halving
Nexo Logo

Bitcoin Miners Sell Down Latest Rally, What Happened To Post-Halving Hold?

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
Reading Time: 2 mins read
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Less than 48 hours ago, Bitcoin price was trading at over $9,700. Today, it hit under $9,200 at the low on Coinbase.

Data shows that the selloff was preceded by a massive outflow from miners to cryptocurrency exchanges. If miners were indeed behind selling down the recent rally, why aren’t they holding post-halving as expected?

Bitcoin Miners Sell Recent BTCUSD Rally Down To Nothing

Bitcoin is at a crossroads, after months of consolidation and sideways trading. Nearly every crypto market participant is watching and waiting, expecting a major move to arrive soon.

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At the start of the week, following Sunday’s night’s weekly close, the first-ever cryptocurrency began to pump. The asset rose over $500 and 5% intraday before a rejection happened.

As of moments ago, the entire rally was erased and then some. Starting at 2 AM ET, Bitcoin price plummeted by $400 and 4%.

Related Reading | Data Indicates Bitcoin More Likely To Pump Following Consolidation, 20% Move Anticipated 

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Thus far, support at $9,200 is holding, but if more selling picks up, a deeper drop is possible.

According to data, the selloff may have been Bitcoin miners taking advantage of higher prices, selling down the rally. Outflows of BTC potentially being sent to cryptocurrency exchanges were spotted late last night ahead of the selloff starting.

The outflow was the second largest since the rejection above $10,000.

Big spike in miner's outflows overnight.

Second biggest since #Bitcoin hit $10k.

I'm expecting a whole lot of selling, starting real soon. pic.twitter.com/RfYfYijZ8P

— Cole Garner (@ColeGarnerBTC) June 23, 2020

Moments later, the fall began. It’s not clear, however, if the supply moved has been exhausted, or if another round of selling is coming. What also isn’t clear, is why miners are selling Bitcoin in such large sums, when the expectation was they would hold post-halving.

Why Are Miners Dumping BTC When They Are Supposed To Be Holding?

If miners were indeed responsible as outflow data suggests, then why are Bitcoin miners selling off their BTC holdings after each pump?

The now past block reward halving was long anticipated to cause miners to hold their BTC supply ahead of a markup phase. A post-halving selloff driven by miner capitulation was also expected, however, neither scenario has happened.

Instead, Bitcoin has traded sideways, with buyers eagerly buying up any selloffs caused by miner sell pressure. Neither side has been able to cause a break in the trading range, but one will eventually give. A massive, over 20% move is expected when the breakout finally happens.

Related Reading | Data Shows Recent Bitcoin Difficulty Adjustment May Kickstart New Accumulation Phase 

The sideways price action could be equilibrium taking place as miner sell pressure dries and buying pressure picks up. When miners eventually run out of supply, the increase in genuine bullish momentum could cause a breakout of downtrend resistance.

With the halving behind us, miners out of supply and holding, a new long term uptrend in Bitcoin could finally begin.

Tags: bitcoinbtcbtcusdBTCUSDTminersxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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