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

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Rabu, 7 Dis 2022 4:08 PTG

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?

Sehubungan itu, 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. 

Pengerusi Fed Jerome Powell membayangkan untuk menyederhanakan dasar monetari, tetapi kemungkinan ini mungkin menjadi kurang berkemungkinan. Data ekonomi AS yang teguh baru-baru ini boleh memberikan sokongan untuk kenaikan kadar faedah selanjutnya. 

Pasaran menetapkan harga dalam kenaikan 75 mata asas (bps) lagi untuk Disember. Sebagai tambahan kepada pengetatan Fed, perang antara Rusia dan Ukraine menambah ketidaktentuan pasaran. Konflik mengambil langkah ke belakang dalam tajuk utama media arus perdana, tetapi permusuhan semakin memuncak. 

#RussiaPutin berkata ancaman perang nuklear semakin meningkat. Putin berkata Rusia menganggap senjata nuklear sebagai tindak balas kepada serangan. Mengatakan senjata nuklear Rusia adalah faktor penghalang dalam konflik. pic.twitter.com/5RMIc7UK6A

- Holger Zschaepitz (@Schuldensuehner) Disember 7, 2022 

Di tempat kejadian, data daripada CryptoQuant dikongsi dengan NewsBTC daripada yang terkini Bitfinex melaporkan 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.

Sebagai tambahan kepada pelombong yang bergelut, pasaran menyaksikan pemegang BTC menjual syiling mereka dengan kerugian. Penunjuk Nisbah Keuntungan Dibelanjakan (SOPR) berada di atas satu, bermakna pelabur menyerah dan mengeluarkan wang disebabkan keadaan makro semasa. 

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.

Sumber asal: NewsBTC