Bitcoin briefly surpassed $35,000 on Wednesday for the second time this week. However, it failed to stay above this level and the direction quickly reversed. One hedge fund manager attributes this to a large number of sell orders from miners. However, he says BTC will move towards an upper range after the current consolidation.
“There is a remarkable increase in miner sales!”
Charles Edwards, founder of Bitcoin-focused hedge fund Capriole Investments, says the $35,000 area represents a monthly resistance level for the price. He also notes that this means BTC will consolidate for a while after the crypto’s big rise. In this context, Edwards
Bitcoin miners are selling more of their treasure than usual today. This could be a warning sign for consolidation.
Charles Edwards notes an increase in Capriole’s Bitcoin Miner Selling Pressure. He also notes that this shows that BTC miners are selling a larger portion of their revenue than average.
What’s next for the leading cryptocurrency Bitcoin?
Despite the short-term consolidation, Edwards remains hopeful for the future. Accordingly, he suggests that Bitcoin could target the $40,000-$45,000 range in the coming weeks as selling pressure eases. The Hedge Fund manager explains his views on this issue as follows:
The price will likely stall temporarily at the monthly resistance here. However, the next major problem area is the low to mid-$40k region. In light of the available data, we think Bitcoin will take us there in a short time.
cryptokoin.comAs you follow from , the leading crypto peaked around $35,000 for two days. The expectation of a spot Bitcoin exchange-traded fund played a major role in this. Of course, there were some other catalysts as well. Thus, BTC reached its highest level in 17 months. Although reports of the imminent approval of a spot ETF turned out to be false, Bitcoin only retreated modestly from this level.
Traditional markets are in a shaky situation
Bitcoin retreated approximately 2% after reaching $35,000. However, it has moved 1.6% higher in the last 24 hours. That’s a sizable outperformance relative to U.S. stocks, where the Nasdaq was down 2.4% and the S&P 500 was down 1.4% as of early Wednesday afternoon. The new decline in stocks came as the 10-year Treasury yield rose a sharp 13 basis points to 4.95%. Investors also have poor Q3 earnings results from Google and rising geopolitical concerns on their minds.
Meanwhile, Turkish President Recep Tayyip Erdogan said Hamas is not a terrorist organization. With this statement, he canceled his planned trip to Israel. Following this development, the stock market fell sharply and closed 7% negative.
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