Bitcoin is still stuck in a tight range as market sentiment declines from optimistic to bearish and market participants brace for a possible impact. The cryptocurrency was thriving on the possibility of a positive change in the macroeconomic landscape. Did bulls rush into a trap?
As of this writing, Bitcoin (BTC) trades at $16,800 with sideways movement in the last 24 hours. In the previous week, the cryptocurrency is holding onto some profits, but there is a chance the bullish trajectory will retrace back to the yearly lows.
Bitcoin Miners Will Contribute With The Downside Price Action?
On the macro scene, the U.S. Federal Reserve (Fed) is the biggest hurdle for future Bitcoin profits. The financial institution is trying to bring inflation down by hiking interest rates. This monetary policy has harmed risk-on assets.
Predsjednik Fed-a Jerome Powell nagovijestio je moderiranje monetarne politike, ali bi ta mogućnost mogla postati manje vjerovatna. Nedavni snažni američki ekonomski podaci mogli bi pružiti podršku za daljnja povećanja kamatnih stopa.
Tržište predviđa povećanje cijena za još 75 baznih poena (bps) u decembru. Osim pooštravanja od strane Fed-a, rat između Rusije i Ukrajine doprinosi neizvjesnosti tržišta. Sukob se povlači korak unazad u glavnim medijskim naslovima, ali neprijateljstva eskaliraju.
#RusijaPutin kaže da je opasnost od nuklearnog rata u porastu. Putin kaže da Rusija nuklearno oružje smatra odgovorom na napad. Kaže da je rusko nuklearno oružje faktor odvraćanja u sukobima. pic.twitter.com/5RMIc7UK6A
- Holger Zschaepitz (@Schuldensuehner) Decembar 7, 2022
Na lokalnoj sceni, podatke iz CryptoQuant-a dijeli s NewsBTC-om od najnovije Bitfinex report indicates that BTC miners are “moving a large amount of Bitcoin out of their wallets.” These transactions are often bearish indicators for the cryptocurrency.
Miners take out BTC to sell in the market and cover their operations costs. This selling contributes to BTC’s bearish pressure. Bitfinex noted the following while sharing the chart below:
On the other hand, when the value of the indicator decreases, this indicates that miners are withdrawing coins from their wallets. Such a trend could be bearish for Bitcoin since the miners could be transferring their coins out of their wallets in order to sell them on exchanges. BTC exchange inflows have also increased slightly over the past week after declining significantly over the few weeks prior to that.
Ostali faktori koje treba uzeti u obzir
Pored rudara koji se bore, tržište vidi kako vlasnici BTC-a prodaju svoje kovanice s gubitkom. Indikator potrošene dobiti (SOPR) je iznad jedan, što znači da investitori kapituliraju i isplaćuju novac zbog trenutnih makro uslova.
Bitfinex highlighted increased retail investors holding BTC as a positive takeaway from this data. These investors are adding to their balance while the price trends to the downside. These investor classes, the report claims, are “resilient in the face of price drawdowns” and could finally put a bottom in the BTC price.
Source: https://newsbtc.com/news/bitcoin/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent/