{"id":532804,"date":"2023-05-15T14:30:34","date_gmt":"2023-05-15T14:30:34","guid":{"rendered":"https:\/\/wncen.com\/?p=532804"},"modified":"2024-06-11T08:11:15","modified_gmt":"2024-06-11T08:11:15","slug":"bitcoin-miners-continue-to-sell-bearish-sign","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miners-continue-to-sell-bearish-sign\/","title":{"rendered":"Bitcoin Miners Continue To Sell, Bearish Sign?"},"content":{"rendered":"

On-chain data shows that Bitcoin miners have continued to sell recently, something that could be bearish for the cryptocurrency’s price.<\/p>\n

Bitcoin Miners Have Been Shedding Their Reserves Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, there has been some intense pressure from miners in recent days. The relevant indicator here is the “miner reserve<\/a>,” which measures the total amount of Bitcoin that’s currently sitting in the wallets of all miners.<\/p>\n

When the value of this metric goes up, it means the miners are depositing a net amount of coins into their addresses right now. Such a trend can be a sign that these chain validators are accumulating currently, and hence, can have bullish consequences for the asset’s value.<\/p>\n

On the other hand, the indicator’s value going down implies that these investors are transferring some BTC out of their wallets at the moment. As the miners generally only withdraw their coins whenever they want to sell them, this kind of trend can be bearish for the price of the cryptocurrency.<\/p>\n

Now, in the context of the current discussion, the actual metric of interest is the 14-day rate of change (ROC) of the Bitcoin miner reserve, which tells us about the pace at which the indicator is registering fluctuations, as well as the direction these fluctuations are in (negative or positive).<\/p>\n

Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze<\/a><\/div>\n

Here is a chart that shows the trend in the 14-day ROC BTC miner reserves over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been quite red in recent days | Source: CryptoQuant<\/a><\/pre>\n
As shown in the above graph, the 14-day ROC of the Bitcoin miner reserve has had a negative value during the last few days. This means that the holdings of these chain validators have been decreasing in this period.<\/p>\n
Not too long ago, though, the indicator had some positive values, implying that these chain validators had been buying. Things changed once the asset’s price started to slip below the $30,000 level<\/a>, however.<\/p>\n
When the price hit around $28,000, the turn towards red values came for the indicator, implying that the miners may have possibly joined in on the market-wide selloff.<\/p>\n
Following the selling spree from the miners, the asset’s value continued its decline and dropped all the way to the low $26,000 level<\/a>. Since then, however, the decline has stopped, possibly suggesting that those levels may have offered the local bottom for the asset.<\/p>\n
The selling pressure from the miners has also started slowing down recently, as the latest negative spike of the metric has been lesser in scale than the previous ones, which can be seen in the chart.<\/p>\n
During the past day, the asset’s price has also bounced back above the $27,000 level again, implying that the market may now be able to absorb the current levels of selling pressure from this cohort.<\/p>\n
Related Reading: PEPE Outperforms Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin<\/a><\/div>\n
This kind of trend had also been seen during the selloff back in March, where the price formed a bottom and then rebounded up as the selling pressure died out from the miners.<\/p>\n
It now remains to be seen whether the miners will decrease their selling in the next few days (like back in March), or if they will continue to sell, possibly causing more bearish price action for the asset.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $27,300, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has shot up during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin miners have continued to sell recently, something that could be bearish for the cryptocurrency’s price. Bitcoin Miners Have Been Shedding Their Reserves Recently As pointed out by an analyst in a CryptoQuant post, there has been some intense pressure from miners in recent days. The relevant indicator here is the “miner reserve,” which measures the total amount of Bitcoin that’s currently sitting in the wallets of all miners. When the value of this metric goes up, it means the miners are depositing a net amount of coins into their addresses right now. Such a trend can be a sign that these chain validators are accumulating currently, and hence, can have bullish consequences for the asset’s value. On the other hand, the indicator’s value going down implies that these investors are transferring some BTC out of their wallets at the moment. As the miners generally only withdraw their coins whenever they want to sell them, this kind of trend can be bearish for the price of the cryptocurrency. Now, in the context of the current discussion, the actual metric of interest is the 14-day rate of change (ROC) of the Bitcoin miner reserve, which tells us about the pace at which the indicator is registering fluctuations, as well as the direction these fluctuations are in (negative or positive). Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze Here is a chart that shows the trend in the 14-day ROC BTC miner reserves over the last few months: Looks like the value of the metric has been quite red in recent days | Source: CryptoQuant As shown in the above graph, the 14-day ROC of the Bitcoin miner reserve has had a negative value during the last few days. This means that the holdings of these chain validators have been decreasing in this period. Not too long ago, though, the indicator had some positive values, implying that these chain validators had been buying. Things changed once the asset’s price started to slip below the $30,000 level, however. When the price hit around $28,000, the turn towards red values came for the indicator, implying that the miners may have possibly joined in on the market-wide selloff. Following the selling spree from the miners, the asset’s value continued its decline and dropped all the way to the low $26,000 level. Since then, however, the decline has stopped, possibly suggesting that those levels may have offered the local bottom for the asset. The selling pressure from the miners has also started slowing down recently, as the latest negative spike of the metric has been lesser in scale than the previous ones, which can be seen in the chart. During the past day, the asset’s price has also bounced back above the $27,000 level again, implying that the market may now be able to absorb the current levels of selling pressure from this cohort. Related Reading: PEPE Outperforms Bitcoin In Social Media Buzz, Triggers Bullish Run For Frog Coin This kind of trend had also been seen during the selloff back in March, where the price formed a bottom and then rebounded up as the selling pressure died out from the miners. It now remains to be seen whether the miners will decrease their selling in the next few days (like back in March), or if they will continue to sell, possibly causing more bearish price action for the asset. BTC Price At the time of writing, Bitcoin is trading around $27,300, down 2% in the last week. BTC has shot up during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":532830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88281,639,1119,1144],"class_list":["post-532804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish-sign","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Miners Continue To Sell, Bearish Sign?<\/title>\n<meta name=\"description\" content=\"On-chain data shows that Bitcoin miners have continued to sell recently, something that could be bearish for the cryptocurrency's price. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Continue To Sell, Bearish Sign?","url":"http:\/\/wncen.com\/news\/bitcoin-miners-continue-to-sell-bearish-sign\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-miners-continue-to-sell-bearish-sign\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1385861326.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1385861326.jpg?fit=2359%2C1270"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish sign","bitcoin miners","btc","btcusd"],"dateCreated":"2023-05-15T14:30:34Z","datePublished":"2023-05-15T14:30:34Z","dateModified":"2024-06-11T08:11:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Continue To Sell, Bearish Sign?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-continue-to-sell-bearish-sign\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-continue-to-sell-bearish-sign\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1385861326.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1385861326.jpg?fit=2359%2C1270\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish sign\",\"bitcoin miners\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-15T14:30:34Z\",\"datePublished\":\"2023-05-15T14:30:34Z\",\"dateModified\":\"2024-06-11T08:11:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1385861326.jpg?fit=2359%2C1270","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/532804"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=532804"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/532804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/532830"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=532804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=532804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=532804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}