The bitcoin exchange rate has already tried unsuccessfully to overcome the $20,000 mark several times.
According to the analytical company CryptoQuant, this could be affected by the selling of BTC by miners.
Currently, Bitcoin is trading in the $ 18000 range. It seems that miners who have mighty BTC reserves expect the rate to continue falling and sell their BTC.
Analysts consider that the Bitcoin price will fall to $17,600.
CEO of CryptoQuant, Ki-Young Ju, said that several large mining groups had started massive sales of Bitcoins. Ki-Young Ju told that he possesses Bitcoin but does not trade them against leverage. He also stressed that he would use leverage up to 5x when the time comes.
Obviously, miners are selling $BTC a lot today.
I'm still long, but this is not a good signal in the short-run. https://t.co/bJXnzmMlAp pic.twitter.com/amrgr8LPZE— Ki Young Ju 주기영 (@ki_young_ju) December 10, 2020
Earlier, the CEO of CryptoQuant said that BTC large bag holders’ sales also exerted the Bitcoin exchange rate’s pressure. The price drop was preceded by large transfers of BTC to cryptocurrency exchanges.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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