U.Today – It appears that the selling pressure on Bitcoin is once again significant, with the first cryptocurrency dropping below $65,000 and over $140 million liquidated. However, the main source of the selling pressure may not be immediately apparent.
The recent price movement suggests that Bitcoin is struggling to maintain support levels, breaking below the 50 EMA and approaching the 100 EMA on the daily chart, indicating a sharp decline. The RSI also shows increasing bearish momentum.
The revelation that Coinbase (NASDAQ:) is behind the selling pressure is crucial. The negative Coinbase Premium Gap, which compares Bitcoin prices on Coinbase Pro with other exchanges, indicates that Coinbase is executing orders from institutional investors looking to sell their assets.
The prolonged period of miner capitulation is further explained by Willy Woo’s analysis. The Bitcoin Hash Ribbons show high levels of miner capitulation, with record numbers of miners exiting. Woo suggests that once the hash rate begins to rise again and weaker miners leave, Bitcoin typically sees a rebound.
Similarly, the decrease in large USD transactions implies that major players are reducing or liquidating their holdings. The Bulls and Bears indicator, highlighting a dominance of bearish addresses, underscores the prevailing bearish sentiment. It seems that more investors are selling rather than buying, as the gap between bullish and bearish addresses widens.
These factors combined indicate multiple sources of selling pressure. Coinbase appears to be a major contributor with significant Bitcoin sales. Additionally, as miners sell off their holdings to cover expenses, the prolonged miner capitulation phase adds to the overall selling pressure.
This article was originally published on U.Today
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- Source: https://cryptoinfonet.com/bitcoin-news/this-is-who-is-selling-bitcoin-btc-at-the-moment-causing-price-decline-u-today/
