Bitcoin has experienced a significant amount of selling pressure in the past week, leading to a decrease in its price. According to CoinGecko data, the value of Bitcoin has dropped by nearly 5% over the last seven days, reaching a low of around $65,000 on June 14th.
One of the factors contributing to this decline is the active selling of Bitcoin by miners in the market. Crypto analyst Ali Martinez reported that Bitcoin miners sold over 1,200 BTC (approximately $80 million) in a single day, potentially influencing the recent correction in Bitcoin’s price.
CryptoQuant’s weekly report also highlighted the trend of miners transferring their coins to exchanges and OTC desks for sale, particularly as Bitcoin’s price fluctuated between $69,000 and $71,000. This selling activity by miners is believed to be a response to reduced revenues following the halving event, which has led to a decrease in miner profits.
Moreover, historical patterns analyzed by CryptoQuant suggest that low revenues and high network hashrates could indicate a potential market bottom, hinting at a stabilization or upward movement in the Bitcoin market.
In addition to miners, Bitcoin whales have also been selling significant amounts of BTC recently. Data from Santiment shows that whales have offloaded 50,000 BTC (equivalent to about $3.3 billion) in the past 10 days. These whales, who hold between 1,000 – 10,000 BTC, have contributed to the overall selling pressure on Bitcoin.
Despite the recent price drop to $65,000, Bitcoin is showing signs of recovery, currently valued at $66,266 with a 0.7% decline in the past 24 hours. This recovery suggests that Bitcoin may be attempting to hold above the $66,000 level on the daily timeframe, as depicted in the BTCUSDT chart on TradingView.
Overall, the recent selling pressure from miners and whales has impacted Bitcoin’s price, but there are indications of a potential market bottom and recovery in the near future. Investors are advised to conduct thorough research and consider the risks involved before making any investment decisions in the volatile cryptocurrency market.