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

Por NewsBTC - 1 ano atrás - Tempo de leitura: 3 minutos
Quarta, 7 de dezembro de 2022 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?

A partir desta escrita, 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. 

O presidente do Fed, Jerome Powell, sugeriu moderar a política monetária, mas essa possibilidade pode se tornar menos provável. Dados econômicos robustos recentes dos EUA podem fornecer suporte para novos aumentos nas taxas de juros. 

O mercado está precificando outro aumento de 75 pontos-base (bps) para dezembro. Além do aperto do Fed, a guerra entre a Rússia e a Ucrânia aumenta a incerteza do mercado. O conflito está recuando nas manchetes da mídia tradicional, mas as hostilidades estão aumentando. 

# RússiaPutin diz que ameaça de guerra nuclear está aumentando. Putin diz que a Rússia considera as armas nucleares uma resposta a um ataque. Diz que as armas nucleares da Rússia são um fator de dissuasão em conflitos. pic.twitter.com/5RMIc7UK6A

- Holger Zschaepitz (@Schuldensuehner) 7 de dezembro de 2022 

No cenário local, os dados do CryptoQuant compartilhados com o NewsBTC das últimas Bitfinex Denunciar 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.

Além das dificuldades dos mineradores, o mercado está vendo os detentores de BTC venderem suas moedas com prejuízo. O indicador Spent-Out Profit Ratio (SOPR) está acima de um, o que significa que os investidores estão capitulando e sacando devido às condições macro atuais. 

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.

Fonte original: NewsBTC