Bitcoin Miners dump their coins: what does this mean for the course?

In recent weeks, Bitcoin (BTC) has had difficulty continuing his upward trend. Geopolitical tensions led to the necessary volatility and BTC even fell shortly under the psychological limit of 100,000 dollars.

Although the price is now acting above $ 105,000 again, there is a worrying comment. Bitcoin miners seem to be withdrawn from the market. What could this mean for the Bitcoin course?

Miners set their bitcoin in motion

Data from Cryptoquant shows that the Bitcoin miner reserve, the total of BTC in Wallets from Miners, has recently fallen by 0.022 percent. Although this percentage looks modest, it indicates a trend in which miners slowly send their coins to exchanges to sell.

At the same time, the Miners’ Position Index (MPI), an index that measures change in the BTC outflow of Miners, by 55 percent. This confirms that the outflow to fairs is increasing.

This development follows a period in which operational pressure on miners has increased. Due to the recent corrections, miners now seem to sell coins to compensate for losses.

The withdrawal of Bitcoin Miners is a serious signal. It points to increasing pessimism among the fundamental players in the Bitcoin ecosystem. As long as this trend continues and the market sentiment does not improve, the risk of a further fall in price remains.

What will the BTC course do?

At the time of writing, the Bitcoin course is slightly above $ 105,000. Important cutting term support is 104,000 dollars. If this level is broken, there is a further decrease in the direction of 101,500 dollars or even below $ 100,000 in the offing.

Around 10 June the race recorded a Lower Low. This is a confirmation of the downward trend in which BTC is currently located. A breakthrough above $ 110,000 is needed to reach new all-time highs. Until then, traders must remain alert.