🔔 Bitcoin Miners Sell Over 3,000 BTC, Sparking Speculation of an Impending BTC Price Drop

📉 Bitcoin Supply Surge Sparks Concerns of Impending Price Drop

After a robust fourth-quarter rally, Bitcoin's recent price movements suggest a potential short-term reversal. The psychological resistance zone of $42k to $44.5k has prompted profit-taking from both short-term holders and Bitcoin miners. Additionally, Bitcoin dominance has slipped below the critical 52 percent support level, marked by a weekly double top and bearish RSI divergence.

💹 Bitcoin Miners' Reserve Declines Dramatically

Recent market data from CryptoQuant reveals a concerning trend in Bitcoin miners' reserves. Since the start of December, these reserves have plummeted, with a notable sell-off of 3,000 BTC in the past 24 hours alone. However, MicroStrategy stepped in to absorb a significant portion of this sell-off, acquiring an additional 14,620 Bitcoins.

🔄 Sell the News Narrative: Ark 21Shares Bitcoin Spot ETF Decision Looms

With less than two weeks until the Ark 21Shares Bitcoin spot ETF decision, CryptoQuant speculates that savvy crypto traders might engage in a "sell the news" strategy to capitalize on the anticipated hype. The uncertainty surrounding the ETF's approval, especially with a recent amendment to the application, adds to the intrigue.

📉 Bitcoin Price Outlook and Potential Correction

Bitcoin's price is showing signs of a daily double top and bearish RSI divergence, increasing the likelihood of a reversal below $40k. However, amid these short-term concerns, the impending golden cross between the 50 and 200 Moving Averages signals bullish control in the long term. This suggests that any correction in Bitcoin's price may not be severe or long-lasting, particularly with the fourth halving on the horizon.

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