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

Na NewsBTC - 1 tau ki muri - Wā Pānui: 3 meneti
Wenerei, Tihema 7, 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?

Ka rite ki tenei tuhituhi, 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. 

Ko te Heamana Fed a Jerome Powell i kii ki te whakatikatika i te kaupapa here moni, engari ka iti ake pea tenei tupono. Ka taea e nga raraunga ohaoha a Amerika te tautoko mo etahi atu pikinga reiti huamoni. 

Kei te utu te maakete i tetahi atu 75 turanga (bps) hike mo Hakihea. I tua atu i te kaha o te Fed, ko te pakanga i waenganui i Russia me Ukraine ka taapiri atu ki te koretake o te maakete. Kei te hoki whakamuri te pakanga i roto i nga korero matua o te hunga pāpāho auraki, engari kei te piki haere te riri. 

#RusiaE ai ki a Putin, kei te piki haere te riri o te pakanga karihi. E ai ki a Putin, ka whakaarohia e Russia nga patu karihi hei whakautu ki te whakaeke. E kii ana ko nga patu karihi a Ruhia he take aukati i nga pakanga. pic.twitter.com/5RMIc7UK6A

- Holger Zschaepitz (@Schuldensuehner) Hakihea 7, 2022 

I runga i te waahi o te rohe, ko nga raraunga mai i CryptoQuant i tohatoha ki NewsBTC mai i nga mea hou Bitfinex pūrongo 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.

I tua atu i nga kaikeri uaua, kei te kite te maakete i nga kaipupuri BTC e hoko ana i a raatau moni i te ngaro. Kei runga ake i te kotahi te tohu Tauwehenga Putea Putea (SOPR), ko te tikanga kei te toha nga kaipakihi me te putea moni na runga i nga tikanga tonotono o naianei. 

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.

Kuputuhi taketake: NewsBTC