Bitcoin On-Chain Data Shows Sharp Drop In Sell-offs, Is A Christmas Rally Ahead?
Bitcoin price struggles to show a strong upside move as traders anticipate more BTC price fall due to miner capitulation and selloffs by whales. However, on-chain data indicates a sharp fall in selloffs by miners and whales.
The Bitcoin price currently trades near $17,000. The U.S. PCE data for November comes in at 5.5%, which fell from 6.1% in October. As a result, the BTC price falls slightly with respect to volatility in the U.S. Dollar Index (DXY).
Bitcoin Price To Rally Above $17,000 Before the New Year 2023?
According to on-chain data, the Bitcoin Miner to Exchange Transactions for All Miners and All Exchanges metric indicates a fall in selling pressure from miners. While miners have sold their Bitcoin (BTC) holdings to recover from financial constraints, miners are trying to hold onto their Bitcoin holdings.
Moreover, miners’ transactions to crypto exchanges have continued to drop since the start of the year. Interestingly, the transactions were more when the price was considerably higher.
However, it doesn’t mean miners can’t sell more BTC holdings at the moment. Historically, when transactions go as low as the previous bear market cycles, the possibility of Bitcoin price forming a bottom is higher.
The next thing restricting the Bitcoin upside momentum is selloffs by whales. However, on-chain data indicates retail investors are buying more while whales are selling. It is causing Bitcoin to become more distributed on the network. Instead of whales having most of the BTC supply, it’s better to have more investors having it.
Also Read: Here’s How Much Your $1000 Invested In Bitcoin 10 Years Ago Will Be Worth Today
Crypto Analysts Are Also Bullish
Crypto analyst CredibleCrypto predicts the Bitcoin price can move above $17K before the 2022 end. He asserts that Bitcoin is holding the 16.3K-16.5K range and BTC dominance has begun moving up. He also completely agrees with BitMEX co-founder Arthur Hayes that the Bitcoin price can hit $100K by the 2023 end or early 2024.
Moreover, popular analyst Rekt Capital suggests traders to keep an eye on the Bitcoin price closing the month above $17,150, which will start a bullish upside move in 2023.
Also Read: 3 Reasons To Invest Bitcoin(BTC) As We Approach 2023
- Experts Predict Big ETH Rally on Bullish Options, Whales Signal Post-False Break
- US Shutdown: Bitcoin, Gold, and Silver Rally as Govt. Shutdown Odds Jump to 85% on Polymarket
- SEC Halts Trading In Solana Treasury Stock QMMM After Share Price Surges 959%- Market Manipulation?
- BREAKING: BlackRock Amends Bitcoin ETF (IBIT), Ethereum ETF (ETHA) Amid New Milestone
- Bloomberg Analyst Says XRP ETF Approval Odds Now 100% as Expert Eyes $33 Rally
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
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.
