- Bitcoin was down by more than 5% in the last 24 hours.
- Market indicators hinted at a continued price decline.
Bitcoin [BTC] continued to witness price corrections, as its value had dropped below the $66K mark at press time.
Though there were several factors at play, miners’ behavior might have impacted the king of cryptos’ price more negatively than investors realized.
Bitcoin miners are selling
BTC turned bearish in the recent past as its value dropped by over 5% in the last seven days. In the last 24 hours alone, BTC’s price witnessed yet another 5% correction.
According to CoinMarketCap, at the time of writing, BTC was trading at $64,953.22, with a market capitalization of over $1.2 trillion.
In the meantime, CryptoOnchain, an author and analyst at CryptoQuant, posted an analysis pointing out that BTC’s miners’ reserves were dropping.
To be precise, miners’ reserves have reached their lowest level since April 2021, meaning that miners were selling their holdings.
The analysis mentioned that this decline has been followed by a much steeper slope since the beginning of November, which might have been one of the reasons for increasing sales pressure in the market.
To check whether selling pressure was high overall, AMBCrypto took a look at CryptoQuant’s
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Author: Dipayan Mitra
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