Summary
- It was reported that the increase in selling pressure from Bitcoin miners is raising the possibility of further decline for Bitcoin.
- "If miners continue to sell, Bitcoin could fall further," the report stated.
- It was reported that miners have a tendency to sell more volume when Bitcoin prices fall.
There are forecasts that Bitcoin (BTC) could experience additional declines as selling pressure from Bitcoin miners increases.
On the 11th (local time), an IT Tech CryptoQuant contributor predicted through X that "as the market declines, selling pressure from miners is increasing" and "if miners continue to sell, Bitcoin could fall further."
He reported that "when Bitcoin price reached $77,000, miners' BTC transfers to exchanges surged" and added that "historically, they tend to sell more volume when Bitcoin prices fall."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
