{"id":314538,"date":"2023-05-19T16:00:36","date_gmt":"2023-05-19T10:30:36","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=314538"},"modified":"2023-05-19T12:11:46","modified_gmt":"2023-05-19T06:41:46","slug":"selling-pressure-on-bitcoin-increases-is-another-price-correction-on-the-way","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/selling-pressure-on-bitcoin-increases-is-another-price-correction-on-the-way\/","title":{"rendered":"Selling pressure on Bitcoin increases; is another price correction on the way"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">A whale deposited Bitcoin worth over $38 million to Binance on 18 May 2023.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC\u2019s hashrate also registered a decline, indicating an outflow of miners.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Though<\/span> <span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><span style=\"font-weight: 400;\"> price action has not been very volatile of late, the king coin fell victim to a minor price correction in the last 24 hours. However, it recovered slightly after the incident.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the<\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">Bitcoin Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">According to<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, BTC\u2019s price declined by nearly 2% in the last 24 hours, trading at $26,816.82 at press time. However, a recent analysis of CryptoQuant suggested that things could get even darker.\u00a0<\/span><\/p>\n<h3><strong>Bitcoin under selling pressure?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Lookonchain revealed that a whale deposited<\/span> <a href=\"http:\/\/ambcrypto.com\/tether-and-its-plans-to-buy-btc-these-changes-can-be-anticipated-thanks-to\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> worth over $48 million to Binance. The same whale earlier deported BTC worth over $160 million, and the coin\u2019s price declined by over 3%.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The price of <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> dropped ~3% again after this whale moved. \ud83e\uddd0<a href=\"https:\/\/t.co\/aIRsebH12n\">https:\/\/t.co\/aIRsebH12n<\/a> <a href=\"https:\/\/t.co\/jrKdBKybbK\">pic.twitter.com\/jrKdBKybbK<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1659386132256411650?ref_src=twsrc%5Etfw\">May 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The same scenario turned out to be true this time as well, when BTC\u2019s price dropped soon after the whales made the deposit. However, the good news was that the 3% price drop did not last for long as BTC made a slight recovery.\u00a0<\/span><\/p>\n<h3><strong>BTC miners are also selling<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Not only investors, but Bitcoin miners were also selling their assets. IT Tech, an author and analyst at CryptoQuant, recently posted an<\/span> <a href=\"https:\/\/cryptoquant.com\/quicktake\/64663041ddf8c61c0dc0a4c8-Unveiling-Miner-Outflows-Clues-Point-to-Significant-BTC-Transfer-to-Binance\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> that pointed out an interesting development in<\/span> <a href=\"http:\/\/ambcrypto.com\/bitcoin-btc-analyzing-the-factors-behind-king-coins-declining-volatility\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s mining sector. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per the analysis, Miner Poolin: 3BPAodH6WkNQC8TUrnwFKhETiFacNUi68X sent 1750 BTC to an address, which later transferred BTC to Binance. In addition to that, miners&#8217; reverse was also declining, which clearly indicated that BTC was witnessing sleeping pressure from the miners as well.\u00a0<\/span><\/p>\n<figure id=\"attachment_314539\" aria-describedby=\"caption-attachment-314539\" style=\"width: 1227px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-1-2.jpg\"><img decoding=\"async\" class=\"wp-image-314539 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-1-2.jpg\" alt=\"\" width=\"1227\" height=\"755\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-1-2.jpg 1227w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-1-2-300x185.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-1-2-1024x630.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-1-2-768x473.jpg 768w\" sizes=\"(max-width: 1227px) 100vw, 1227px\" \/><\/a><figcaption id=\"caption-attachment-314539\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In addition to that, Bitcoin\u2019s hashrate has also registered a slight downtick over the last few days. A decline in hashrate means that miners are moving out of the BTC ecosystem. At the time of writing, Bitcoin\u2019s hashrate stood at 344.77 million TH\/s.<\/span><\/p>\n<figure id=\"attachment_314540\" aria-describedby=\"caption-attachment-314540\" style=\"width: 1158px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ycharts.jpg\"><img decoding=\"async\" class=\"wp-image-314540 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ycharts.jpg\" alt=\"\" width=\"1158\" height=\"307\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ycharts.jpg 1158w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ycharts-300x80.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ycharts-1024x271.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/ycharts-768x204.jpg 768w\" sizes=\"(max-width: 1158px) 100vw, 1158px\" \/><\/a><figcaption id=\"caption-attachment-314540\" class=\"wp-caption-text\">Source: ycharts<\/figcaption><\/figure>\n<h3><span style=\"font-weight: 400;\">Metrics are bearish for Bitcoin<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The selling pressure was yet again proven by BTC\u2019s on-chain metrics. For instance, miners\u2019 position index was red, indicating that miners were selling more holdings compared to their one-year average.<\/span> <a href=\"http:\/\/ambcrypto.com\/can-bitcoins-latest-milestone-help-improve-the-state-of-the-btc-network\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s net deposits on exchanges were also<\/span> <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">high<\/span><\/a>,<span style=\"font-weight: 400;\"> compared to the last seven days.\u00a0<\/span><\/p>\n<figure id=\"attachment_314541\" aria-describedby=\"caption-attachment-314541\" style=\"width: 456px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-2-2.jpg\"><img decoding=\"async\" class=\"wp-image-314541 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-2-2.jpg\" alt=\"\" width=\"456\" height=\"256\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-2-2.jpg 456w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/CryptoQuant-2-2-300x168.jpg 300w\" sizes=\"(max-width: 456px) 100vw, 456px\" \/><\/a><figcaption id=\"caption-attachment-314541\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<h3><strong>A look at BTC\u2019s derivatives market<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">As per Coinglass,<\/span> <a href=\"http:\/\/ambcrypto.com\/bitcoin-btc-outflows-ripple-through-the-market-as-investor-confidence-takes-a-dip\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s open interest has been on an uptrend for quite some time. An increase in the metrics reflects that new money is flowing into the market, suggesting that the current precise trend can continue for longer. However, it was interesting to see that BTC\u2019s<\/span> <a href=\"https:\/\/www.coinglass.com\/LongShortRatio\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">long\/short ratio<\/span><\/a><span style=\"font-weight: 400;\"> registered an uptick. A high ratio suggests bullish market sentiment.<\/span><\/p>\n<figure id=\"attachment_314542\" aria-describedby=\"caption-attachment-314542\" style=\"width: 1713px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Coinglass-7.jpg\"><img decoding=\"async\" class=\"wp-image-314542 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Coinglass-7.jpg\" alt=\"\" width=\"1713\" height=\"527\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Coinglass-7.jpg 1713w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Coinglass-7-300x92.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Coinglass-7-1024x315.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Coinglass-7-768x236.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/Coinglass-7-1536x473.jpg 1536w\" sizes=\"(max-width: 1713px) 100vw, 1713px\" \/><\/a><figcaption id=\"caption-attachment-314542\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin miners\u2019 reserve was decreasing, indicating that miners were selling their holdings. Metrics looked bearish and open interest was also high.<\/p>\n","protected":false},"author":75,"featured_media":314543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-314538","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Selling pressure on Bitcoin increases; is another price correction on the way - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Though Bitcoin\u2019s [BTC] price action has not been very volatile of late, it fell victim to a minor price correction in the last 24 hours.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/selling-pressure-on-bitcoin-increases-is-another-price-correction-on-the-way\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Selling pressure on Bitcoin increases; is another price correction on the way - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin miners\u2019 reserve was decreasing, indicating that miners were selling their holdings. 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is another price correction on its way?\u00a0"},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/a3c1a47ad2d3e2a023516862993813cd","name":"Dipayan Mitra","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/IMG_20230322_164923565_2-scaled-e1679645058899-150x150.jpg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/IMG_20230322_164923565_2-scaled-e1679645058899-150x150.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/IMG_20230322_164923565_2-scaled-e1679645058899-150x150.jpg","caption":"Dipayan Mitra"},"description":"Dipayan is a full-time journalist at AMBCrypto. 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