Are Bitcoin miners the reason why your BTC holdings fell?

Market indicators hinted at a continued price decline.continued to witness price corrections, as its value had dropped below the $66K mark at press time.

Though there were several factors at play, miners’ behavior might have impacted the king of cryptos’ price more negatively than investors realized.BTC turned bearish in the recent past as its value dropped by over 5% in the last seven days. In the last 24 hours alone, BTC’s price witnessed yet another 5% correction., at the time of writing, BTC was trading at $64,953.22, with a market capitalization of over $1.2 trillion.pointing out that BTC’s miners’ reserves were dropping.

To be precise, miners’ reserves have reached their lowest level since April 2021, meaning that miners were selling their holdings. The analysis mentioned that this decline has been followed by a much steeper slope since the beginning of November, which might have been one of the reasons for increasing sales pressure in the market.Our analysis revealed that BTC’s net deposit on exchanges was high compared to the last seven-day average, suggesting high selling pressure.The king coin’s Binary CDD was also in the red, hinting that long-term holders’ movements in the last seven days were higher than average.

Its Korea Premium was also in the red, indicating that Korean investors were selling BTC, adding to the overall selling pressure.AMBCrypto’s analysis of Bitcoin’s daily chart suggested that the possibility of a further price decline was high. As per the Bollinger Bands, BTC’s rice went under its 20-day simple moving average .Further, Bitcoin’s Relative Strength Index registered a sharp downtick at press time, hinting at a continued southward price movement.

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