Miners staged a sale of bitcoin

Bitcoin is difficult to maintain upward dynamics when investors massively withdraw capital assets. Under these conditions, miners reduce reserves and bring coins to exchanges.

We figure out what is happening with the BTC in the wallets of miners, and whether the sales of large holders can provoke a collapse of prices.

BTC miners are retreating while BTC has difficulties

According to Cryptoquant, over the past week miners reduced BTC reserves by 0.022%. Experts suggest that bitcoin major are forced to sell assets to cover losses related to the growth of operating costs and a decrease in the BTC course. Such a dynamics, as a rule, confirms the common bear mood in the market.

The Miner position index (MPI) shows the ratio of the outflow of coins from the wallets of miners to their average value for the year. When miners sell coins, MPI grows. Over the past three days, taking into account the 7-day sliding average, it has increased by 55%, confirming the assumption that miners are moving coins from wallets to exchanges.

Miners’ sale hints at a deeper correction of BTC

The departure of miners from the market suggests that they are not sure of the BTC ability to gain a foothold above $ 100,000 in the near future. At the time of publication, the BTC is traded at the level of $ 104 990, slightly higher than support if the sales pressure and macroeconomic uncertainty are intensified, the price can test this level.

If the BTC drops below the support of $ 103,952, the fall can continue up to $ 101,520 and then to $ 100,000. The breakthrough of the psychologically significant mark will open the path to $ 97,658. If market moods improve, BTC may return to $ 106,295.

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