Leading cryptocurrency Bitcoinreached a new high of $69,300 on some exchanges. ATH Even though he lived, this situation did not last long and BTC There was a shocking decline from here.
In the face of this decline, Bitcoin fell to $ 59,000.
It is stated that there is sales pressure behind this decline in BTC. It was announced that the main reason for these sales was that some miners who mined in 2010 moved BTC to Coinbase.
According to Coindeks, the first Bitcoin miners are contributing to the selling pressure in BTC by sending old block rewards to exchanges.
According to data shared by CryptoQuant, just before Bitcoin reached new highs around $69,000 and then dropped to $59,000, 1,000 Bitcoins worth roughly $69 million were moved to Coinbase by addresses more than a decade old.
Bradley Park, one of CryptoQuant analysts, stated that these addresses are linked to miners. “Moving long-dormant Bitcoins to Coinbase, a major crypto exchange, could be the beginning of a sell-off that will continue.” said.
“Given that the exchange order book shows liquidity of 5-10 Bitcoins for every $100 price change, a sale of 1,000 Bitcoins is likely to trigger a significant price decline.
Especially when investors are looking to open short positions against Bitcoin’s all-time high, as was the case on Tuesday.”
The CryptoQuant analyst believes that the amount of Bitcoin entering the exchanges recently has increased significantly before the 40% price drop on March 12, 2020. BTC Stating that it reminded him of the sharp increase in inflows He said the decline may continue and He warned investors about a possible decline.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!