Deur NewsBTC - 1 jaar gelede - Leestyd: 3 minute
Bitcoin Miners Feel The Heat, More Selling Pressure Might Be Imminent
Bitcoin is still stuck in a tight range as market sentiment declines from optimistic to bearish and market participants brace for a possible impact. The cryptocurrency was thriving on the possibility of a positive change in the macroeconomic landscape. Did bulls rush into a trap?
Soos van hierdie skryf, Bitcoin (BTC) trades at $16,800 with sideways movement in the last 24 hours. In the previous week, the cryptocurrency is holding onto some profits, but there is a chance the bullish trajectory will retrace back to the yearly lows.
BTC se prys beweeg sywaarts op die daaglikse grafiek. Bron: BTCUSDT TradingviewBitcoin Miners Will Contribute With The Downside Price Action?
On the macro scene, the U.S. Federal Reserve (Fed) is the biggest hurdle for future Bitcoin profits. The financial institution is trying to bring inflation down by hiking interest rates. This monetary policy has harmed risk-on assets.
Fed-voorsitter Jerome Powell het daarop gedui om die monetêre beleid te modereer, maar hierdie moontlikheid kan minder waarskynlik word. Onlangse sterk Amerikaanse ekonomiese data kan ondersteuning bied vir verdere rentekoersverhogings.
Die mark prys nog 'n verhoging van 75 basispunte (bps) vir Desember in. Benewens die Fed se verskerping, dra die oorlog tussen Rusland en die Oekraïne by tot die mark se onsekerheid. Die konflik neem 'n tree terug in hoofstroommedia-opskrifte, maar vyandelikhede neem toe.
#RussiaPoetin sê die bedreiging van kernoorlog is aan die toeneem. Poetin sê Rusland beskou kernwapens as 'n reaksie op 'n aanval. Sê Rusland se kernwapens is 'n afskrikfaktor in konflikte. pic.twitter.com/5RMIC7UK6A
- Holger Zschaepitz (@Schuldensuehner) Desember 7, 2022
Op die plaaslike toneel is data van CryptoQuant vanaf die jongste gedeel met NewsBTC Bitfinex verslag indicates that BTC miners are “moving a large amount of Bitcoin out of their wallets.” These transactions are often bearish indicators for the cryptocurrency.
Miners take out BTC to sell in the market and cover their operations costs. This selling contributes to BTC’s bearish pressure. Bitfinex noted the following while sharing the chart below:
On the other hand, when the value of the indicator decreases, this indicates that miners are withdrawing coins from their wallets. Such a trend could be bearish for Bitcoin since the miners could be transferring their coins out of their wallets in order to sell them on exchanges. BTC exchange inflows have also increased slightly over the past week after declining significantly over the few weeks prior to that.
Source: CryptoQuant via Bitfinex Alpha Other Factors To ConsiderBenewens sukkelende mynwerkers, sien die mark dat BTC-houers hul munte teen 'n verlies verkoop. Die bestedingswinsverhouding (SOPR)-aanwyser staan bo een, wat beteken dat beleggers kapituleer en uitbetaal weens die huidige makrotoestande.
Bitfinex highlighted increased retail investors holding BTC as a positive takeaway from this data. These investors are adding to their balance while the price trends to the downside. These investor classes, the report claims, are “resilient in the face of price drawdowns” and could finally put a bottom in the BTC price.
Source: Glassnode via BitfinexOorspronklike bron: NewsBTC