- Bitcoin has fallen by more than 5% in the past 24 hours.
- Market indicators pointed to a continued price decline.
Bitcoin [BTC] continued to witness price corrections as its value fell below the $66,000 mark at the time of writing.
While several factors were at play, miners’ behavior may have had a more negative impact on the price of the king of cryptos than investors realized.
Bitcoin miners sell
BTC turned bearish in the recent past as its value fell by more than 5% over the past seven days. In the last 24 hours alone, the price of BTC witnessed another 5% correction.
According to CoinMarketCapAt the time of writing, BTC was trading at $64,953.22, with a market cap of over $1.2 trillion.
In the meantime, CryptoOnchain, an author and analyst at CryptoQuant, posted a analysis noting that BTC miner reserves were declining.
To be precise, miners’ reserves have reached the lowest level since April 2021, meaning miners were selling their assets.
The analysis showed that this decline was followed by a much steeper slope since early November, which could have been one of the reasons for the increasing selling pressure in the market.
Source: CryptoQuant
To check whether selling pressure was generally high, AMBCrypto took a look at CryptoQuant facts.
Our analysis showed that the net deposits of BTC on the exchanges were high compared to the average of the last seven days, indicating high selling pressure.
BTC’s aSOPR was in the red, meaning more investors were selling for a profit at the time of writing.
The King Coin Binary CDD was also in the red, indicating that long-term holders’ moves were higher than average over the past seven days.
Source: CryptoQuant
Market sentiment looked bearish, as evidenced by Bitcoin’s Coinbase Premium. In particular, the measurement showed that selling sentiment was dominant among American investors.
The Korea Premium was also in the red, indicating that Korean investors were selling BTC, adding to the overall selling pressure.
Source: CryptoQuant
Is there a further downward trend coming?
AMBCrypto’s analysis of Bitcoin’s daily chart suggested that the possibility of a further price decline was high. According to the Bollinger Bands, BTC’s rice fell below the 20-day simple moving average (SMA).
Read Bitcoins [BTC] Price prediction 2024-25
The MACD also showed a bearish crossover.
Moreover, at the time of writing, Bitcoin’s Relative Strength Index (RSI) recorded a sharp decline, indicating a continued southward price movement.
Source: TradingView