Key Points
- Bitcoin’s price has dropped by more than 5% in the last 24 hours, with indicators suggesting further decline.
- Miners’ selling activity and high selling pressure in the market are contributing factors to Bitcoin’s price correction.
Bitcoin experienced a significant price drop, falling by over 5% in the last 24 hours.
The value of Bitcoin [BTC] had slipped below the $66K mark, indicating a continued trend of price corrections.
Miners’ Behavior and Market Indicators
Several factors have contributed to this decline, with miners’ behavior having a potentially significant impact.
Bitcoin’s value saw a decrease of over 5% in the past week, with an additional 5% correction in the last 24 hours.
At the time of writing, Bitcoin was trading at $64,953.22, with a market capitalization exceeding $1.2 trillion.
Analysis by CryptoOnchain, a CryptoQuant analyst, revealed a decrease in Bitcoin miners’ reserves, which have reached their lowest level since April 2021.
This suggests that miners are selling their holdings, contributing to the increased sales pressure in the market.
High Selling Pressure and Bearish Market Sentiment
Analysis of CryptoQuant’s data indicated that Bitcoin’s net deposit on exchanges was high compared to the last seven-day average, suggesting an increase in selling pressure.
Bitcoin’s aSOPR was in the red, indicating that more investors were selling at a profit.
The Binary CDD of Bitcoin was also in the red, suggesting that long-term holders’ movements in the past seven days were higher than average.
The Coinbase Premium of Bitcoin revealed a dominant selling sentiment among U.S. investors, while its Korea Premium was also in the red, indicating that Korean investors were selling Bitcoin.
Bitcoin’s daily chart suggested a high possibility of further price decline, with the Bollinger Bands indicating that Bitcoin’s price fell below its 20-day simple moving average (SMA).
The MACD displayed a bearish crossover, and Bitcoin’s Relative Strength Index (RSI) registered a sharp downtick, hinting at a continued downward price trend.
