Bitcoin Price Buckles Under Selling Pressure
Bitcoin price sold off after falling below its advance channel trendline. The decline is at various stages of development in different exchange charts. Potential targets await lower in the chart. Bitcoin price is correcting the prior advance, or may be in full-blown decline. In the bullish camp, yesterday’s analysis chart illustrated how bitcoin price typically returns to its 1-day 20MA prior to unfolding a main wave of advance. For now it appears that such a reversion to 20MA support at $400 is underway. In the bearish camp: let’s hope that price does not break below $400 (Bitstamp) and....
Related News
After surging above the $0.51 mark on Monday, the XRP price has been on a decline once more. This has seen the asset drop back below $0.49 as obvious selling pressure continues to mount on the altcoin. The major focus of holders has been on where this sell pressure is coming from and a number […]
Bitcoin’s price action as of late has been rather lackluster, with bulls struggling to hold it above $18,000 as selling pressure mounts Where the crypto trends in the mid-term should depend largely on the continued reaction to the support at $18,000 If the crypto is unable to hold above this level, it could bear witness to some intense selling pressure that sparks a move down towards $17,000 There is some support at roughly $17,600 that […]
In the ongoing discussion about Bitcoin price volatility, one theory for a rapidly falling Bitcoin price is the fact that so many coins are mined every day. Currently, Bitcoin miners produce 3600 coins daily. These miners must pay bills, such as rent and electricity, which cannot presently be paid for with Bitcoin. Therefore, large portions of Bitcoin mining profit must be converted to fiat in order to pay expenses and keep Bitcoin mining operations afloat. This constant selling creates a baseline of downward pressure on the Bitcoin price; in order for the price to remain stable, demand....
Bitcoin and the aggregated cryptocurrency market are currently pushing higher, with bulls moving to erase all of the losses that came about as a result of the recent selloff The selling pressure seen around its all-time highs in the mid-$19,000 region was unsurprising, but it may not hold strong during the next test of this level Traders believe that today’s rebound may not last for too much longer, with the selling pressure in the lower-$18,000 […]
On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is significant considering the impact it could have on Bitcoin’s price heading into the third quarter of the year. Bitcoin Miners’ Selling Pressure Has Significantly Declined Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May. Related Reading: Dogecoin Flashes Major....