Not only this, but data from Santiment also suggested the same outcome. BTC’s supply on exchanges increased while its supply outside of exchanges remained pretty stagnant, which was a typical bearish signal.
Additionally, Bitcoin’s exchange inflow also spiked, further increasing the chances of a price decline in the coming days.To add to the aforementioned narrative, selling pressure also had an impact on sentiments around the king of cryptos. As per the chart,This reflected that negative sentiment dominated the market. Its social dominance, however, remained high, reflecting BTC’s popularity in the crypto market.
Bitcoin’s Miners’ Position Index was red, suggesting that miners were selling more holdings compared to its one-year average.
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