MEXCBitcoin (BTC) Registers the First Weekly Green Candle in 10 Weeks, But 25% Correction Looms
It has been a volatile week for the the world’s largest cryptocurrecy Bitcoin (BTC). However, BTC has managed to register the first weekly green chandle in nearly three months.
As of press time, Bitcoin is trading 4% up at a price of $30,990 with a market cap of $589 billion. On a weekly chart, Bitcoin is up 2.32%. However, this could mean a sigh of relief for Bitcoin investors in the short term, it doesn’t quite suggest a trend reversal here. Some analysts suggest that this could just be a bear market rally and we could be in for some more correction down the road.
If we see the technical chart, Bitcoin is still trading way above its 200-day moving average (DMA). Historically, BTC has bottomed around at 200 DMA or just below which is 25% down from the current levels. Popular crypto analyst Rekt Capital explains:
Historically, BTC tends to bottom at, around, or just below the 200-week MA (orange) $BTC would need to drop an additional -25% from current prices to bottom at the 200 MA.
Bitcoin (BTC) On-chain Distribution
As per the data from Glassnode, Bitcoin miners have been selling heavily during the recent market correction. The data provider notes:
“Bitcoin miners have been net distributors since the recent sell-off. Miners balances have recently declined at a peak rate of 5k to 8k $BTC per month ($150M to $240M at $30k $BTC). Their spending has slowed this week to 3.3k $BTC/mth”.
Citing data from CoinMetrics, Bloomberg data shows that Bitcoin miners transferred nearly 200,000 BTC to exchanges during the last month of May. Some of the sellers include top public listed mining firms such as Riot Blockchain. Will Foxley, director of content at mining hardware marketplace and hosting services provider Compass Mining, told Bloomberg:
“I think miners are just talking about the macro environment and think it is probably prudent to sell Bitcoin in these levels in order to keep the operations safe”.
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
