Claim BonusOver 10K Bitcoin (BTC) Moved To Crypto Exchange, Are Miners Selling?
Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to declined mining activity.
Miner Capitulation Restricts Bitcoin Rally
Whale Alert in a tweet on December 1 reported that an unknown wallet moved 10,050 Bitcoin worth over $171 million to the crypto exchange Coinbene at 08:48 UTC. In addition, there are other BTC selloff transactions in the last 24 hours.
On-chain analyst IT Tech confirmed a 10K outflow from miner Poolin. The mean amount of coins per transaction sent from the affiliated miners’ wallets. If miners transfer part of their reserve at the same time, it could trigger a BTC price drop.
Bitcoin price fails to show any massive rise despite some whale accumulation due to rising selling pressure from miners. In fact, miners selling 4K BTC this week pull the price of Bitcoin downward, marking the fourth spike in 2022. As per on-chain data, miners’ BTC transfers to exchanges increased again after BTC fell from $20,000 to $16,000.
Miners’ BTC reserves have decreased by 13K BTC in the last few months. It has now at the same level as at the beginning of 2022 amid fewer earnings due to the BTC price drop. Moreover, Bitcoin hashrate continues to fall due to decreased mining activity.
Will BTC Price Witness Rally Amid Dovish Fed?
Bitcoin price soared nearly 2% in the last 24 hours, hitting a high of $17,194. The rally came after Fed Chair Jerome Powell in his latest speech pointed to slower rate hikes from December.
At the time of writing, the BTC price is trading at $17,103, with an over 200% increase in trading volume. Crypto analyst Michael van de Poppe predicts a rally to $18.3K. However, he agreed with on-chain data that BTC price could face stronger resistance at $18k.
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BitMine Keeps Buying Ethereum With New $84M Purchase Despite $8B Paper Losses
- Polymarket Sues Massachusetts Amid Prediction Market Crackdown
- CLARITY Act: Bessent Slams Coinbase CEO, Calls for Compromise in White House Meeting Today
- Crypto Traders Reduce Fed Rate Cut Expectations Even as Expert Calls Fed Chair Nominee Kevin Warsh ‘Dovish’
- Crypto, Banks Clash Over Fed’s Proposed ‘Skinny’ Accounts Ahead of White House Crypto Meeting
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
