Bitcoin is under pressure due to Miner Sales: Negative Net Flow!

Bitcoin's miner reserve has decreased by 1% to 1.80 million BTC, and this declining trend is increasing. If sales continue, Bitcoin's price may drop to $74,000; however, if the market recovers, the value of BTC may rise to $86,172.

Bitcoin is experiencing one of its toughest weeks since the beginning of the year. On-chain data reveals the negative impact of increasing selling pressure from miners on Bitcoin. This situation may further increase the downward pressure on Bitcoin's price.

Miner Sales Pressure Bitcoin: Decrease in Reserves According to CryptoQuant data, Bitcoin miner reserves have continuously decreased this week and are currently at 1.80 million BTC. This represents a 1% decrease compared to the previous week. Miner reserves indicate the amount of coins held in miners' wallets, and this metric generally signifies confidence in future price increases. However, the decrease in reserves indicates that miners intend to sell their coins, which reinforces the decline in BTC's price.

The negative miner net flow of Bitcoin also confirms this trend. As of April 10, the net flow is at -590.40. Miner net flow tracks the difference between the amounts of coins sent to and withdrawn from exchanges. A negative net flow indicates that miners have begun to move their coins to exchanges, signaling selling pressure. If this situation continues, Bitcoin's price may experience deeper corrections in the short term, as buying interest may not be able to balance these sales.

Bitcoin's Downtrend May Pull Price to $74,000 On the daily chart, Bitcoin's price is trading well below the significant dynamic resistance level at $90,911. This level is determined by the Super Trend indicator, and when the price stays above it, it indicates an uptrend, while staying below indicates a downtrend.

When the price is trading below the Super Trend indicator, selling pressure dominates the market. This may encourage Bitcoin investors to sell and deepen the price decline. If this decline continues, Bitcoin's price may drop to $74,389, breaking the main support at $80,776.

However, if market sentiment improves and miners' selling activities decrease, Bitcoin's price could rise to $86,172, reversing the downtrend.

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