Analyzing how Bitcoin miners can influence BTC price

revealed that BTC miners increased selling pressure on the coin. As per the tweet, BTC miners sent an all-time high of $128 million to exchanges, equivalent to 315% of their daily revenue.

Historically, such episodes were followed by a price correction in the king of cryptos’ value. Therefore, is BTC awaiting another price dip in the coming days?’s supply distribution turned bearish. As per Santiment’s chart, BTC’s supply on exchanges was closing in on its supply outside of exchanges. If the former flips the latter, it would mean that selling sentiment is dominant in the market, which can cause BTC’s price to decline over the days to follow.

However, Bitcoin’s Money Flow Index was in an overbought position, which can create panic among investors and motivate them to sell their holdings. On top of that, the Relative Strength Index registered a downtick and was headed southward. This suggested that the possibility ofCryptoQuant’s

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