- Miner selling pressures Bitcoin’s price, increasing uncertainty and downward momentum.
- Bitcoin’s support at $77K is fragile, with potential drops to $73K.
- Mt. Gox transfer raises concerns of further sell-offs, adding pressure.
Bitcoin’s price hit a four-month low of $77,393, and many are worried about miners selling. Data from CryptoQuant show that miner transfers to exchange increased during this drop, and miners are selling.
This is likely due to rising operational costs, which will add downward pressure to the price. As miners continue to sell, the market will get more uncertain, slowing down Bitcoin’s recovery in the short term.
Miner-to-Exchange Flow Signals Increased Selling Pressure
As the price went below $80,000, the miner-to-exchange flow jumped to 11,250 BTC. This is a significant sell-off for miners. This metric shows the flow of Bitcoin from miner wallets to exchanges, and when it i, it means miners are liquidating. Miners tend to sell during price drops to manage costs or losses, which adds to the bearishness. The rising miner selling has contributed to the continued downward momentum of Bitcoin price and overall bearish sentiment.
Also, the miner flow is negative at -620.01 BTC, which supports the bearish view. This means miners are selling more than they are buying, which indicates financial stress. If this persists, the Bitcoin price will face more downward pressure, and it will be harder to rebound in the short term.
Market Outlook and Technical Indicators
Bitcoin is at $80,625, 3.53% up from the recent low of $76,555, but still vulnerable to further drops if miner selling continues. Support is at $77,035, but it could go down to $73,631 if that fails. Resistance is near $82,108, which Bitcoin needs to break to gain upward momentum.
The RSI is at 36.98, which is nearly oversold. However, with selling pressure and low volume, the Bitcoin price is still prone to further drops unless buying interest picks up. The market is tough, and Bitcoin’s recovery will depend on how well it can hold support and absorb the selling from miners.
Mt. Gox Transfer Could Amplify Market Pressure
Apart from miner selling, the Mt. Gox exchange transferred 11,501 BTC worth $905 million to an unverified wallet. This has raised concerns that Mt. Gox creditors might be liquidating their Bitcoin, adding to market pressure on the price. According to data by Arkham Intelligence, the timing of this significant transfer and Bitcoin’s recent struggles have raised fears that the market might experience more downward momentum.
If Mt. Gox creditors sell their Bitcoin, it could add significant downward pressure and take Bitcoin below $70,000 in the coming weeks. As the market is fragile, analysts are closely watching both miner behavior and Mt. Gox creditor behavior, as these will determine Bitcoin’s short-term price action.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
