Bitcoin Miners Are Selling BTC, Will BTC's Price Be Affected?

Bitcoin [BTC] has managed to push its price in the last 24 hours, but it has still been struggling under the $60k mark.

Bitcoin [BTC] price managed to rise in the last 24 hours, but it is still struggling below the $60,000 level. The latest price increase was not enough to change the sentiment of Bitcoin miners who continued to sell their BTCs.

Will the latest sales wave of miners drag BTC towards 54 thousand dollars again?

Bulls dominated the last 24 hours and pushed the BTC price up over 3%. At the time of writing, BTC was trading at $56,675.42 with a market cap of over $1.11 trillion.

However, miners preferred to sell BTC even as its price gained upward momentum.

According to AMBCrypto's look at Glassnode data, the balance in miner wallets dropped to 1.8 million BTC. This shows that miners do not expect the price of the king coin to rise further.

Source: Glassnode

We then checked miners' income to find out what motivates them. Interestingly, their revenues have also decreased recently.

Source: Glassnode

The decrease in miners' balance and income also affected the hashrate of the blockchain. According to Coinwarz data, BTC's hashrate has fallen in the last few days. At press time the number was 712.57 EH/s.

Will the BTC price be affected?

This behavior of miners is likely to affect the BTC price because selling pressure usually causes price corrections.

In fact, a popular crypto analyst named Ali announced in a recent tweet that he would face a $24 million liquidation if BTC falls to $54.2 thousand.

So AMBCrypto checked more datasets to find other red flags.

When we analyzed our CryptoQuant data, BTC's aSORP came out in the red, which means more investors are selling at a profit. In the middle of a bull market, the market may top out.

Read Bitcoin Price Forecast 2024-2025

But the rest of the metrics were bullish. For example, Bitcoin's Binary CDD revealed that long-term holders' movement over the past seven days has been below average. They have a reason to keep their money.

Source: KriptoQuant

Apart from this, the situation in the derivatives market also looked very optimistic because the coin's buyer buy/sell ratio was green. This showed that the buying sentiment was dominant among futures investors.

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