Bitcoin [BTC] price drops 2.7% as it broke below $9600 support despite bullish sentiments and increase in Gold the last day.
The price of Bitcoin [BTC] at 12: 30 hours UTC on 24th June 2020 is $9355. According to an independent analyst, this could have been brought about by the sell-off from miners.
Cole Garner, on-chain and market analyst tweeted,
Big spike in miner’s outflows overnight. Second biggest since #Bitcoin hit $10k. I’m expecting a whole lot of selling, starting real soon.
According to Garner, the Bitcoins did not flow into exchanges, rather seemed like an OTC trade.
Trending Stories
An update from Crypto Quant indicates over $68 million in outflows for two pools (HaoBTC and Poolin) since yesterday. The daily average outflow from miners has dropped since halving. However, it is now witnessing massive spikes on isolated days which seems to be coming from large miners.
Recovery after Halving
Nevertheless, the hash rate has been on recovery since the halving has approached the buy signal, despite the mining difficulty increase earlier in the month.
However, as mentioned earlier, the Chinese miners are experiencing floods at the moment, which is favourable for cheap hydroelectricity power. The end of the season could lead to decreased profitability and hash rate.
Currently, the price seems to be holding to the 50-Day EMA as support at $9222 as support. Mati Greenspan, financial analyst and founder of Quantum Economics tweeted,
Been wondering when #bitcoin might see its 200 DMA and was considering support around $8,000. It seems like the DMA is rising lately and with it our next support line.
The 200-Day Moving average is at $8292. In case of further downfall, the market will be critically looking for support above $8000.
Do you think that complete mining capitulation is over or sell pressure is still intact? Please share your views with us.
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?