Unveiling Bitcoin Downturn: Miners Impact on Price

Analyzing Bitcoin recent price correction and the role of miners in exacerbating the decline. Insights into selling pressure, market sentiment, and technical indicators signaling a potential further downtrend.

Bitcoin price has experienced significant corrections, dropping below $66K amidst ongoing volatility. While various factors contribute to this downturn, miners’ behavior emerges as a crucial factor influencing the cryptocurrency value. Recent data indicates a notable decrease in miners’ reserves, reaching their lowest levels since April 2021.

This trend suggests that miners are actively selling their holdings, intensifying selling pressure in the market. Notably, the decline in reserves has accelerated since early November, amplifying concerns about increased selling activity. Market analysis reveals a high net deposit of BTC on exchanges, signaling elevated selling pressure. Additionally, metrics like aSOPR and Binary CDD indicate heightened selling activity among investors, particularly long-term holders.

Market sentiment appears bearish, with indicators such as Bitcoin Coinbase Premium and Korea Premium both in the red, reflecting predominant selling sentiment among U.S. and Korean investors. Moreover, technical indicators point to a potential further downtrend, with BTC price dipping below its 20-day SMA and displaying a bearish MACD crossover.

The RSI also suggests continued downward momentum, raising concerns about the cryptocurrency near-term price trajectory. As Bitcoin faces ongoing price corrections, the influence of miners on market dynamics remains a significant factor to monitor closely.

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