Bitcoin Miners Feel The Heat, More Selling Pressure Might Be Imminent

NewsBTC-ek - Duela urtebete - Irakurtzeko denbora: 1 minutu
7ko abenduaren 2022a, 4:08

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?

Idazlan honetatik aurrera, 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. 

Bitcoin 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 Chair Jerome Powell hinted at moderating the monetary policy, but this possibility might become less likely. Recent robust U.S. economic data could provide support for further interest rate hikes. 

Merkatuak abenduko beste 75 oinarrizko puntu (bps) igoera ditu prezioak. Feden estutzeaz gain, Errusiaren eta Ukrainaren arteko gerrak merkatuaren ziurgabetasuna areagotzen du. Gatazka pauso bat ematen ari da hedabide nagusien titularretan, baina etsaiak areagotzen ari dira. 

#RussiaPutinek dio gerra nuklearraren mehatxua gero eta handiagoa dela. Putinek dio Errusiak arma nuklearrak eraso baten erantzuntzat hartzen dituela. Errusiako arma nuklearrak gatazken disuasio faktorea direla dio. pic.twitter.com/5RMIc7UK6A

- Holger Zschaepitz (@Schuldensuehner) Abenduaren 7, 2022 

Tokiko eszenan, CryptoQuant-en datuak NewsBTC-rekin partekatu dira azkeneko Bitfinex bidali gertakar 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.

Meatzariak borrokan ari direnez gain, merkatua ikusten ari da BTCren titularrek beren txanponak galerarekin saltzen dituztela. Spent-Out Profit Ratio (SOPR) adierazlea baten gainetik dago, hau da, inbertitzaileak kapitulatu eta kobratzen ari dira egungo makro baldintzen ondorioz. 

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.

Jatorrizko iturria: AlbisteakBTC