• Bitcoin price continues trading just above $18,000 defending the support level.
  • It seems that BTC miners are selling significant sums of Bitcoin in the OTC market or exchanges.

It seems that the most recent Bitcoin sell-off could have been caused by miners selling large quantities of Bitcoin on exchanges. According to a recent chart provided by Cryptoquant, the BTC Miners’ Position Index has hit a three-year high, indicating that they are taking profits.

Bitcoin price faces strong selling pressure

The BTC Miner’s Position Index measures the ratio of Bitcoin that leaves the wallets of miners which usually indicates they are ready to sell. It seems that this metric just hit a three-year high after a massive spike which can usually indicate that a significant sell-off is underway.

On top of that, we know that Mt.Gox could be on the verge of releasing around 140,000 BTC into the market which further increases selling pressure over the digital asset. Many analysts believe Bitcoin price is bounded for a steeper correction, potentially as low as $13,000. 

btc price

BTC/USD monthly chart

On the monthly chart, the TD Sequential indicator has presented a sell signal for the first time since October 2017. Validation of this signal could quickly drive Bitcoin price to that $13,000 price target.

btc price

BTC Holders Distribution chart

Selling pressure doesn’t seem to end here as the number of whales holding between 10,000 and 100,000 coins has significantly decreased from 113 on November 18 to 106 currently, indicating that large investors are selling.

btc price

BTC/USD daily chart

On the other hand, if Bitcoin bulls continue defending the 26-EMA support level on the daily chart, Bitcoin price has the potential to climb towards the all-time high again at $19,956 in the short-term.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP