Bitcoin miners have been on a selling spree since May 5, 2023, which has caused significant pressure on the cryptocurrency market. According to recent reports, the net position of Bitcoin miners has moved into negative territory, indicating that they are selling more than they are holding.
The trend has caused concern among investors, as increased selling pressure from miners typically leads to a drop in Bitcoin’s price. However, some experts believe that the situation may soon improve.
Recent data shows that the miner net position values are in the same zone where Bitcoin bounced off during previous times, and the local uptrend continued. This indicates that the selling pressure from miners may soon slow down or even come to a halt.
Furthermore, it is speculated that miners may significantly reduce their pressure on the market when Bitcoin hits the $24,000 target. This would mean that they could slow down their sales or even cancel them altogether.
This news has brought some relief to the Bitcoin market, as investors hope that the selling pressure will ease up soon. It is worth noting that miners are significant players in the cryptocurrency market, and their actions have a considerable impact on Bitcoin’s price.
If the selling pressure from miners slows down or stops, it could potentially lead to a rise in Bitcoin’s price, which would be good news for investors who have been worried about the recent dip in the market.
Overall, while the selling pressure from miners has caused some concern in the market, the possibility of it slowing down soon has given investors hope. It remains to be seen how the situation will unfold, but it is clear that the actions of miners will continue to be closely watched in the coming days and weeks.
Source: https://azcoinnews.com/bitcoin-miners-under-pressure-as-net-position-turns-negative.html
