Bitcoin Faces Selling Pressure as Miner Balances Drop Sharply

Bitcoin miners appear to be selling off a significant portion of their BTC holdings, which could have a bearish impact on the digital asset. According to data from CryptoQuant, BTC miner balances are 50% lower than at the start of the year, indicating they may be selling again. On-chain data shows that miners have moved thousands of BTC towards the centralized exchange Binance, which could further depress the cryptocurrency’s price, already under significant selling pressure. Whenever miners moved substantial amounts in the past, BTC prices underwent significant declines. If the pattern repeats, the digital asset’s value could plummet to $24,000 before recovering. As of this writing, BTC is trading at $26,849, with a 1.88% decline over the past 24 hours.

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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