Miners Sending Bitcoin to Exchanges: Does the Possibility of a Decrease in BTC Price Increase?

  • Bitcoin miners are sending record amounts of BTC to exchanges. As the influx to exchanges increases, the likelihood of a price correction for BTC rises.
  • Looking at the daily chart for BTC, it can be seen that bulls are ahead of bears. The most clear indicator of this is the Exponential Moving Average (EMA) band.
  • Data from CryptoQuant shows that miners are still selling BTC at a moderate level, indicated by the BTC Miners’ Position Index (MPI).

According to recent on-chain data, Bitcoin miners are sending high amounts of BTC to exchanges: is the possibility of a decline increasing?

Bitcoin Miners Sending BTC to Exchanges

Bitcoin (BTC) (23)

Bitcoin miners are sending record amounts of BTC to exchanges. As the influx to exchanges increases, the likelihood of a price correction for BTC rises.

According to Glassnode’s analysis, BTC miners have increased selling pressure. Miners sent a record-breaking $128 million worth of BTC to exchanges, which accounts for 315% of their daily revenue.

Historically, such situations have been followed by price corrections for Bitcoin. Therefore, is BTC expecting another price drop in the coming days?

As miners continue to sell their assets, the distribution of BTC supply has shifted towards the bear market. According to Santiment’s chart, the supply of BTC on exchanges is approaching the supply outside of exchanges. If the supply on exchanges surpasses the supply outside, it means that selling pressure is dominant in the market and may cause a decrease in BTC’s price in the coming days.

bitcoin-exchange-supply

Bulls Still Ahead

Looking at the daily chart for BTC, it can be seen that bulls are ahead of bears. The most clear indicator of this is the Exponential Moving Average (EMA) band, as the 20-day EMA is above the 55-day EMA. BTC’s MACD also gives a bullish signal in line with the EMA bands.

However, Bitcoin’s Money Flow Index (MFI) is in the overbought zone, which can create panic among investors and encourage them to sell their assets. Additionally, the Relative Strength Index (RSI) is in a declining state and moving southward. This indicates that the possibility of BTC’s price still falling cannot be ignored.

Are Miners to Blame?

Data from CryptoQuant shows that miners are still selling BTC at a moderate level, indicated by the BTC Miners’ Position Index (MPI). BTC’s Puell Multiple also indicates that miners’ income is at a moderate level compared to the one-year average.

However, it’s not just miners who are to blame, but investors in general are also selling BTC to make a profit, as indicated by the red aSORP.

In addition, net investments made to exchanges in the past seven days have been high, which proves that the coin is under significant selling pressure.

bitcoin-miner

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.

Bitcoin (BTC) Price Retreats Amid Gold’s Record Surge; Analysts Eye Re-accumulation Phase

Find out why Bitcoin's momentum stalled as gold soared to new highs. Explore expert insights on BTC's price trajectory and the significance of re-accumulation patterns.

Litecoin (LTC) Surges in Popularity, Surpassing 5 Million Long-Term Holders

Discover the reasons behind Litecoin's surge in popularity and why investors are increasingly choosing LTC for long-term holdings. Get insights into the future potential of this established cryptocurrency.

Bitcoin Nears Bullish Breakout – Pi Cycle Top Metric Hints at Potential Price Surge

Get the latest insights on Bitcoin's price action, the significance of the Pi Cycle Top metric, and expert predictions for potential price movements.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin BTC’s Path to Recovery: Will the Upcoming Halving Trigger a Rise Above $71,400?

This analysis delves into Bitcoin's immediate future as it approaches a critical halving event, exploring potential movements above key resistance levels.

Bitcoin (BTC) Surges Past $70k: Could $75k be the Next Target?

Bitcoin (BTC) has made a decisive move above $70,000, indicating bullish momentum. This article delves into the factors driving the surge, technical analysis, and what investors should watch for in the near term.

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.

Bitcoin (BTC) Price Retreats Amid Gold’s Record Surge; Analysts Eye Re-accumulation Phase

Find out why Bitcoin's momentum stalled as gold soared to new highs. Explore expert insights on BTC's price trajectory and the significance of re-accumulation patterns.