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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?
A partir d’aquest escrit, 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.
El preu de BTC es mou de costat al gràfic diari. Font: 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.
El president de la Fed, Jerome Powell, va insinuar una moderació de la política monetària, però aquesta possibilitat podria ser menys probable. Les recents dades econòmiques robustes dels EUA podrien donar suport a noves pujades dels tipus d'interès.
El mercat està cobrant un altre augment de 75 punts bàsics (bps) per al desembre. A més de l'enduriment de la Fed, la guerra entre Rússia i Ucraïna s'afegeix a la incertesa del mercat. El conflicte està fent un pas enrere als titulars dels mitjans de comunicació, però les hostilitats augmenten.
#RússiaPutin diu que l'amenaça de guerra nuclear està en augment. Putin diu que Rússia considera les armes nuclears una resposta a un atac. Diu que les armes nuclears de Rússia són un factor dissuasiu en els conflictes. pic.twitter.com/5RMIc7UK6A
- Holger Zschaepitz (@Schuldensuehner) Desembre 7, 2022
A l'escena local, les dades de CryptoQuant es van compartir amb NewsBTC de l'últim Bitfinex reportar 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 ConsiderA més dels miners amb dificultats, el mercat veu que els titulars de BTC venen les seves monedes amb pèrdues. L'indicador Spent-Out Profit Ratio (SOPR) se situa per sobre d'un, el que significa que els inversors estan capitulant i cobrant a causa de les condicions macro actuals.
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 BitfinexFont original: NewsBTC