A record $128 million was sent to exchanges by Bitcoin miners. However, BTC’s selling pressure was growing, causing concern. There was still a selling pressure advantage over the bulls, but the bulls kept leading.
The number of bitcoins [BTC] sent to exchanges has reached a record high. A price correction is more likely to occur as the exchange inflow increases.
Bitcoin miners increased their selling pressure, according to a tweet from Glassnode. Approximately 315% of BTC miners’ daily revenue was sent to exchanges in the tweet, representing an all-time high of $128 million.
The price of the king of crypto has historically corrected after such episodes. Could we see another dip in BTC’s price shortly?
Mining activity has led to a decrease in BTC’s supply distribution as miners sell their holdings. The supply of BTC on exchanges closed in on the supply outside exchanges, according to Santiment’s chart. As soon as the former flips over the former, the latter dominates the market. A subsequent decline in BTC’s price can result from this event.
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There is still no stopping the bulls
Looking at BTC’s daily chart, it became evident that the bulls were in the lead. Using Exponential Moving Averages (EMAs), the 20-day EMA was higher than the 55-day EMA. A bullish MACD was also seen on BTC’s EMA ribbon, which complemented the EMA ribbon.
As a result, investors may panic and sell their holdings after Bitcoin’s Money Flow Index (MFI) reaches an overbought position. The Relative Strength Index (RSI) also showed a downward trend. It is, therefore, impossible to completely rule out the possibility of Bitcoin’s price plummeting.
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What is the responsibility of the miners?
Bitcoin’s Miners’ Position Index (MPI) indicated that miners made moderate sales of BTC, according to CryptoQuant’s data. Compared to last year, miner revenue was moderate, according to Bitcoin’s Puell Multiple.
There are others to blame besides the miners. According to the red aSORP, bitcoin investors generally sold their cryptocurrency at a profit.
The coin was also under immense selling pressure as net exchange deposits exceeded those over the past seven days. There was a marginal decline in BTC’s price over the last 24 hours. Market capitalization was over $589 billion at press time, costing $30,338.28.
Bitcoin Price Prediction for 2023
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| Jan 2023 | $16,524.33 | $20,032.66 | $23,890.27 |
| Feb 2023 | $35,079.27 | $40,926.16 | $45,298.49 |
| Mar 2023 | $37,337.28 | $41,836.66 | $47,947.12 |
| Apr 2023 | $23,998.32 | $52,220.70 | $60,987.59 |
| May 2023 | $24,495.07 | $46,336.74 | $63,419.62 |
| Jun 2023 | $24,800.88 | $26,647.79 | $61,961.56 |
| Jul 2023 | $24,432.28 | $51,937.58 | $62,999.24 |
| Aug 2023 | $24,875.52 | $30,285.09 | $62,021.85 |
| Sep 2023 | $25,796.21 | $37,553.13 | $62,685.24 |
| Oct 2023 | $23,689.35 | $57,511.79 | $61,780.26 |
| Nov 2023 | $25,381.28 | $28,743.47 | $63,153.58 |
| Dec 2023 | $23,678.22 | $37,479.32 | $61,878.65 |
Bitcoin Price Prediction – 2024, 2025, 2026, 2027, 2028, 2029, 2030
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| 2024 | $61,914.38 | $70,042.60 | $74,378.34 |
| 2025 | $85,056.02 | $100,365.80 | $104,845.93 |
| 2026 | $111,023.78 | $125,833.20 | $132,360.64 |
| 2027 | $111,023.78 | $125,833.20 | $132,360.64 |
| 2028 | $136,965.34 | $155,778.08 | $158,451.89 |
| 2029 | $194,611.0 | $210,212.60 | $216,102.66 |
| 2030 | $281,116.06 | $297,197.79 | $301,302.08 |
Check out our detailed forecast on top cryptocurrency and plan your investment journey.