[Analysis] "Bitcoin miners resume selling…short-term pressure possible"

Minseung Kang

Summary

"Bitcoin" miners recently turning to a "sell-off" could cause short-term "price pressure," analysts said.
A CryptoQuant analyst said miners' move to sell is a short-term signal of "downward pressure" in the market.
The miners' transfers to exchanges signal the start of selling pressure, which could, in the long term, increase market "liquidity" and form the basis for a new upward trend.

*Photo = CryptoQuant QuickTake screenshot*

Analysts have suggested that Bitcoin (BTC) miners' recent shift to selling could create short-term price pressure.

On the 27th, a ChainSpan analyst at cryptoasset (cryptocurrency) analytics firm CryptoQuant said in a QuickTake report, "Current data show that miners are moving back toward selling," adding, "This can cause short-term downward pressure, but in the long term it can increase market liquidity and become the foundation for a new upward trend."

The analyst explained, "Miners are one of the largest holder groups in the market, and transferring their holdings to exchanges is considered a signal that selling pressure is beginning."

BTC