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

Pa NewsBTC - 1 ane de sa - Tan Lekti: 3 minit
Mer, 7 desanm 2022 4:08 PM

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?

Kòm nan ekri sa a, 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. 

Prezidan Fed Jerome Powell allusion nan modération politik monetè a, men posibilite sa a ta ka vin mwens chans. Dènye done ekonomik solid ameriken yo ka bay sipò pou plis ogmantasyon pousantaj enterè yo. 

Mache a se prix nan yon lòt 75 pwen baz (bps) vwayaje pou Desanm. Anplis pi sere Fed a, lagè ant Larisi ak Ikrèn ajoute nan ensètitid mache a. Konfli a ap pran yon etap tounen nan tit medya prensipal yo, men ostilite yo ap ogmante. 

#RussiaPutin di menas lagè nikleyè ap ogmante. Putin di Larisi konsidere zam nikleyè kòm yon repons a yon atak. Li di ke zam atomik Larisi yo se yon faktè prevantif nan konfli. pic.twitter.com/5RMIc7UK6A

- Holger Zschaepitz (@Schuldensuehner) 7 Desanm 2022 

Sou sèn lokal la, done ki soti nan CryptoQuant pataje ak NewsBTC soti nan dènye a Bitfinex rapòte 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.

Anplis minè ki gen difikilte, mache a wè moun ki gen BTC yo vann pyès monnen yo nan yon pèt. Endikatè a Spent-Out Profit Ratio (SOPR) kanpe pi wo a yon sèl, sa vle di envestisè yo kapitilize ak lajan kach akòz kondisyon macro aktyèl yo. 

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.

Sous orijinal: NewsBTC