Bitcoin’s price fell briefly below $ 80,000 on Monday (10), reaching a four-month low of $ 77,393. This sharp drop has triggered a wave of miners capitulation, leading them to get rid of their appearances.
On-chain data revealed an increase in miners’ sales-a trend that increases the feeling of low in the market and puts more downward pressure on the price of the BTC.
Bitcoin price falls to a minimum of several months while miners flood exchanges
As Bitcoin fell to a low of several months on Monday (10), the transfers of miners to Exchange increased markedly. According to Cryptoquant, BTC’s Miner-to-Exchange Flow-which measures the total number of coins sent from exhanges miners’ portfolios-he said to 11,250 BTC during this period.
When BTC’s Miner-to-Exchange Flow rises, it suggests that miners are getting rid of their participation, often to cover operating costs or mitigate losses. This increased sales pressure can weaken the price of the BTC and speed up market falls.
In addition, today’s fall in the net flow of BTC miners confirms the trend of selling coins among miners in the Bitcoin network. At the time of publication, the value of the metric is negative at -620.01.
The net flow of miners track the net amount of currencies that miners are buying or selling. It is calculated by subtracting the amount of BTC that miners are selling the amount they are buying.
When it is negative, it indicates that miners are selling more coins than they are buying. This is a low signal and often a precursor of a prolonged drop trend in the price of the coin.
BTC fights at $ 80,000 amid strong sale
Historically, miners tend to sell more during price declines to cover operating expenses, which increases sales pressure and can accelerate market falls. The BTC is currently negotiated at $ 81,686, losing 1% of its value in the last 24 hours.
During this period, its negotiation volume fired more than 50%, reflecting high sales activity in the market. If this sales trend continues, it can make it difficult to recover the BTC short -term, as the currency may fall below $ 80,000 to negotiate at $ 73,631.
However, if strong demand comes in to absorb the additional supply, it can raise the BTC value to $ 86,601.
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