• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF

There’s an “Unusual” Amount of Bitcoin Sellling Pressure From Miners

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 3 mins read

Bitcoin took a strong dive during Wednesday’s trading session. The asset fell from the $12,075 highs of the day prior to a local low around $11,200, marking a 7% correction.

The leading cryptocurrency remains near the lows as buyers have yet to step in en-masse. There seems to be some uncertainty about the medium-term future of BTC as the price of gold flags seemingly due to the U.S. dollar bouncing.

Investors are responding in kind. Data suggests that BTC miners are liquidating some of their tokens, suggesting that they perhaps see a stronger move to the downside in the near future.

It may also be that miners may have triggered the collapse, as on-chain data shows that there were some strong miner outflows prior to the drop from $12,000.

Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop

Bitcoin Miners Are Selling Coins, On-Chain Data Shows

Bitcoin miners are liquidating their coins en-masse according to data shared by CryptoQuant, a blockchain data startup. The company reported that ” #Poolin, #Slush, #HaoBTC have taken the bitcoins out of the mining wallets and sent some to the exchange.” The outflows of the past 24 hours collectively amount to over 1,500 BTC.

It can be said that in selling these coins, these miners are anticipating a move to the downside.

Image

Chart of BTC's recent price action with the outflows from miner pools shared by cryptocurrency and blockchain analytics firm CryptoQuant.

This statistic comes as other on-chain data outlets have reported that the number of inactive Bitcoin on the blockchain has begun to increase.

This means that longer-term holders are starting to move their coins, seemingly to begin the liquidation of that BTC for fiat or for other cryptocurrencies.

Bitcoin moving from “HODLer” wallets isn’t exactly bearish, though. This exact same trend was seen at the start of the previous bull run that brought BTC from ~$500 to $20,000.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

Long-Term Uptrend Remains Intact: Analysts

Although miners may be liquidating their coins seemingly in anticipation of a move to the downside, analysts remain optimistic.

On a short-term time frame, sentiment is bullish because Bitcoin’s market structure technically remains bullish. One trader shared the chart seen below, for instance, which shows that the uptrend is intact.

Image

Chart of BTC's price action over the past few weeks with an analysis by crypto trader TraderNJ (@TraderNK1 on Twitter). Chart from TradingView.com

On a longer-term basis, many note that macro fundamentals remain in favor of BTC’s growth. Raoul Pal, for instance, noted that Jerome Powell’s speech about monetary policy in terms of the Federal Reserve suggests the coin will appreciate 50-100x in the coming years.

Photo by Artur Stanulevich on Unsplash
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
There's an "Unusual" Amount of Bitcoin Sellling Pressure From Miners
Tags: bitcoin pricebtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin price prediction

Bitcoin Price Alert: $48,000 By Early January, Forecasts Proven Indicator

16 hours ago
Bitcoin

Renowned Finance Author Says Buy Bitcoin Now Before It’s Too Late, Here’s Why

2 days ago
Bitcoin Spot ETF

Bitcoin Spot ETF Will Bring $70 Billion In New Money To Trigger Price Rally – Glassnode

3 days ago
Bitcoin

Analyst Sounds Warning: This Might Be Your Last Chance To Buy Bitcoin Below $40,000

4 days ago
Grayscale Bitcoin ETF outflows JP Morgan

Grayscale’s Bitcoin ETF Conversion Could Lead To $2.7 Billion Exodus: JPMorgan

5 days ago
Grayscale Spot Bitcoin ETF Small

Grayscale Files Updated Spot ETF As Bitcoin Barrels Past $37,000

6 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • SEC Calls $ADA and $SOL “Securities” in New Kraken...

    18 hours ago
  • Primex Finance Deploys to Arbitrum to Enable Leverage on...

    2 days ago
  • FansHood Unleashes Innovative SocialFi Platform Redefining...

    2 days ago
  • ArbitrageScanner is hosting its biggest affiliate event in...

    2 days ago
  • $SCORP Token: Passive Income With Deflationary Mechanics...

    2 days ago

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.

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 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.