Bitcoin Miners Offload $14 Billion BTC
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In the past few days, Bitcoin (BTC) has oscillated between $100,000 – $102,000 following multiple failed attempts to push into higher price zones. Despite breaching the $100,000 price mark earlier in December, the premier cryptocurrency has seen its bullish momentum in Q4 slow down, rising by only slightly over 4% so far in this final month of 2024. Amidst this stalled price growth, recent data on Bitcoin miners’ transactions may indicate additional concerns for investors. Bitcoin Miners’ Holdings Drop To 1.95 Million BTC According to renowned crypto expert Ali Martinez, Bitcoin miners have recently shed significant amounts of their holdings. Based on data from Santiment, these miners have sold over 140,000 BTC, valued at $13.72 billion, so far in December, reducing their supply held from around 2.08 million BTC to 1.95 million BTC. Generally, a massive decline in Bitcoin miners’ holdings can be indicative of a potential weakness in BTC’s price. Moreover, it can produce a downward pressure on the asset’s price especially if the newly released supply surpasses market demand. Furthermore, while Bitcoin miners can simply liquidate their holdings to cover operational costs, larger market sales such as this reported by Martinez might suggest financial constraints and potential miner capitulation which occurs alongside an extended bear market. So far, BTC’s price has yet to show any significant reaction to this drop in miner holdings with the asset having only experienced only brief price pullbacks, following a flash price crash and rejections at the 102,000 price region. Source: ali_charts on X BTC Heading For $176,000 Target? In other news, market analyst with X username Egrag Crypto has backed his prediction for Bitcoin to hit $176,000 in this current bull cycle. Using the Fibonacci levels to identify potential support and resistance levels, Egrag Crypto has previously rolled out this price forecast prior to…
Filed under: News - @ December 15, 2024 2:14 pm