Over 10K Bitcoin (BTC) Moved To Crypto Exchange, Are Miners Selling?

    Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to declined mining activity.

    Miner Capitulation Restricts Bitcoin Rally

    Whale Alert in a tweet on December 1 reported that an unknown wallet moved 10,050 Bitcoin worth over $171 million to the crypto exchange Coinbene at 08:48 UTC. In addition, there are other BTC selloff transactions in the last 24 hours.

     Bitcoin (BTC) Outflow From Miners
    Bitcoin (BTC) Outflow From Miners. Source: IT Tech

    On-chain analyst IT Tech confirmed a 10K outflow from miner Poolin. The mean amount of coins per transaction sent from the affiliated miners’ wallets. If miners transfer part of their reserve at the same time, it could trigger a BTC price drop.

    Bitcoin price fails to show any massive rise despite some whale accumulation due to rising selling pressure from miners. In fact, miners selling 4K BTC this week pull the price of Bitcoin downward, marking the fourth spike in 2022. As per on-chain data, miners’ BTC transfers to exchanges increased again after BTC fell from $20,000 to $16,000.

    Bitcoin Miner Capitulation
    Bitcoin Price Amid Miner Capitulation Pressure. Source: CryptoQuant

    Miners’ BTC reserves have decreased by 13K BTC in the last few months. It has now at the same level as at the beginning of 2022 amid fewer earnings due to the BTC price drop. Moreover, Bitcoin hashrate continues to fall due to decreased mining activity.

    Will BTC Price Witness Rally Amid Dovish Fed?

    Bitcoin price soared nearly 2% in the last 24 hours, hitting a high of $17,194. The rally came after Fed Chair Jerome Powell in his latest speech pointed to slower rate hikes from December.

    At the time of writing, the BTC price is trading at $17,103, with an over 200% increase in trading volume. Crypto analyst Michael van de Poppe predicts a rally to $18.3K. However, he agreed with on-chain data that BTC price could face stronger resistance at $18k.

    Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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