⚠️ Bitcoin is down, but why? We take a look at some of the possible reasons why $BTC has been threading around 27K recently. Read more here -
Bitcoin recovered slightly over the weekend, but still remains suppressed at a relative seasonal low of $27,360. What’s behind the latest slump?
According to crypto market analysis firm CryptoQuant, the downward price pressure may be coming from miners.from BaroVirtual on Saturday, the analyst noted that miners have been drastically reducing their holdings since May 5, with miner net position change turning negative on May 9. The metric gauges how much miner reserves are growing – or shrinking – each day, helping measure whether miners are HODLing or selling their newly mined coins.
Miners’ net position briefly went positive during the days of the BRC-20 hype but has quickly returned to negative since fees went back down to normal. Thankfully for bulls, CryptoQuant has reason to believe the selloff will end soon. “Currently, the miner net position values are in the zone where Bitcoin bounced off in previous times, and the local uptrend continued,” explained BaroVirtual. “In this regard, it can be assumed that miners can significantly reduce their pressure, i.e., slow down sales or cancel sales when Bitcoin hits the $24,000 target.”that Bitcoin’s value could return to its previous all-time high of $69,000 by early next year, as institutions buy-in during late 2023.
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