After finding some stability following its bullish upwards movement earlier this week, Bitcoin\u2019s momentum has faltered and is showing bearish signs that may point to an underlying weakness amongst BTC’s bulls.<\/p>\n
Analysts are now noting that they anticipate a significant downwards movement for Bitcoin in the near-term and are also noting that there may be an unlikely suspect that will perpetuate any volatility seen throughout the aggregated crypto markets.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just over 1.5% at its current price<\/a> of $8,370, which marks a notable drop from its daily highs of nearly $8,800.<\/p>\n Just prior to the downturn that occurred overnight, Bitcoin\u2019s bulls rapidly pushed it to its daily highs around $8,800, which appears to be a notable level of resistance that shifted the short-term trend to the bear\u2019s favor.<\/p>\n It remains unclear if the support that was built within the lower-$8,000 region will be enough to support the crypto\u2019s price in the near-term, but one popular analyst believes that it will incur a notable drop in the coming few hours.<\/p>\n \u201c$BTC Provided a target of 8670 from couple weeks ago before a potential reversal, well we went a little higher, but reversal is imminent. Big drop approaching (new lows) as we have a 4hr rising wedge on RSI. Still could climb tad higher upon apex before dump,\u201d The Cryptomist, a popular analyst on Twitter, said in a recent tweet.<\/p><\/blockquote>\n https:\/\/twitter.com\/TheCryptomist\/status\/79003906<\/p>\n It is important to note that any potential big movement, including the one that The Cryptomist is pointing to, could be perpetuated by Bitcoin\u2019s miners, as data shows<\/a> that they have been holding their mined crypto and then selling it during periods of significant volatility.<\/p>\n TokenAnalyst \u2013 another popular cryptocurrency analyst on Twitter \u2013 spoke about this data in a recent tweet, eluding to the possibility that another significant movement will be perpetuated by miners.<\/p>\n \u201cFollowing up on the great analysis by @eliasimos using our miner rewards API, we tracked how much $BTC these large mining pools sent into exchanges over time. We see miners taking advantage of volatility by sitting on their mined stash and then selling around large price swings,\u201d they explained.<\/p><\/blockquote>\n Following up on the great analysis by @eliasimos<\/a> using our miner rewards API, we tracked how much $BTC<\/a> these large mining pools sent into exchanges over time.<\/p>\n We see miners taking advantage of volatility by sitting on their mined stash and then selling aroung large price swings. https:\/\/t.co\/tKQDzUTOMC<\/a> pic.twitter.com\/Lapt0NyOsY<\/a><\/p>\n — TokenAnalyst (@thetokenanalyst) October 11, 2019<\/a><\/p><\/blockquote>\nCould Miners Perpetuate BTC Volatility in the Near-Term?<\/strong><\/h2>\n
\n