CandleFocus Bitcoin (BTC) Miners Reduce Holdings, Brace for Potential Price Drop
2024-09-09
Author: Content Editor
Bitcoin miners have been offloading some of their coins for profit, leading to a steady decline in miner balances since September. This is usually considered a bearish indicator, raising questions about what these miners know. Despite an increase in total miner revenue, miners may be selling their holdings due to broader market concerns. The negative sentiment surrounding Bitcoin, as indicated by sentiment metrics and the Fear and Greed Index, suggests that BTC holders are risk-averse and may be more likely to sell their coins. If selling pressure continues, BTC could fall to $55,246, but a positive shift in market sentiment could lead to a retest of support at $58,790.
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