Bitcoin (BTC) miners have started to move their reserves to centralized exchanges, accompanied by the latest regulatory moves from the US. Can sell-off come? Two experts identify critical technical levels to survive the bear market.
Bitcoin miners melt their reserves
Leading exchange Binance, sued by the US regulator CFTC, is causing uncertainty and anxiety in the cryptocurrency market. Bitcoin price slumped below $27,000 at one point amid the negative news flow. Following this, Bitcoin miners started selling their BTC reserves.
According to the Bitcoin Miner-Exchange Flow metric, miners transferred approximately 1700 BTC to cryptocurrency exchanges on Tuesday. After nearly 3,000 BTC sales on January 19, it was the second largest sale by miners this year.
Also, according to Bitcoin Miner Reserve data, the amount of BTC held by miners is decreasing. According to data from Bitcoin Miner to Exchange Flow for Binance Pool, Binance mining pool has moved 1646 BTC to Binance. So, can miners incoming BTC sales drag the price down?
Will the BTC price experience a significant drop?
BTC price fell 2% in the past day to $26,817. This is the lowest in almost two weeks, when its most recent rise picked up pace and pushed prices to around $28,500, their highest point since last June.
Popular analyst Rekt Capital thinks that the BTC close should be below $27,000 within a daily time frame to start the collapse process. Bitcoin price is currently trading above $28,000, while uncertainties and the monthly close increase the chances of retracing the 200-week WMA.
Top analyst gives BTC warning
Elsewhere, popular crypto analyst Nicholas Merten says it’s “not so safe” that Bitcoin won’t be able to hold on to its current price range. In a new YouTube video, Merten said that Bitcoin “may not go any higher” by any means:
There are several logical reasons for this. First, risk-on indicators like BTC to ETH show that altcoins like Ethereum are not performing against Bitcoin. This is the first hint of a strong push towards Bitcoin rather than the broad crypto space. So that optimism has yet to come…
…After two weeks of red selling pressure, finally the cumulative volume delta increased for two bullish weeks and now, again, we see a downtrend in the cumulative volume delta towards minus 3200.
The cumulative volume delta (CVD) measures the cumulative changes in transaction volume of seller attackers versus buyer attackers, according to Bookmap. Merten says this metric gives a blinking bearish signal for BTC. cryptocoin.comAs you follow, BTC price is trading above $28,000 with the momentum it has gained recently.
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