Amidst Miner Sell-Offs, Bitcoin Drops Below $27K Mark

Bitcoin has seen a drop in its value below the $27,000 mark, as on-chain data suggests that miners have recently sold the asset. An analyst has pointed out that miners have withdrawn around 1,750 BTC from their wallets within the past day, according to a post from CryptoQuant. The indicator that measures the amount of Bitcoin miners are currently transferring out of their wallets, called miner outflow, has registered a significant surge in the past few days. This suggests that cryptocurrency miners might be selling their Bitcoin for profit and can be bearish for the cryptocurrency’s value. Miner inflow has been at relatively low values during the past day, implying that these investors aren’t depositing any significant amounts to their wallets. Bitcoin is currently trading around $26,800, up 2% in the last week.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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