{"id":323654,"date":"2023-06-29T07:00:23","date_gmt":"2023-06-29T01:30:23","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=323654"},"modified":"2024-07-31T14:29:42","modified_gmt":"2024-07-31T08:59:42","slug":"analyzing-how-bitcoin-miners-can-influence-btc-price","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/analyzing-how-bitcoin-miners-can-influence-btc-price\/","title":{"rendered":"Analyzing how Bitcoin miners can influence BTC price\u00a0"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators revealed that the bulls were still ahead of the bears.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">But selling pressure on BTC was increasing, which could cause trouble.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin [BTC] miners are sending record amounts of BTC to exchanges. As exchange inflow increases, the chances of BTC witnessing a price correction get higher.\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<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Glassnode\u2019s latest<\/span><a href=\"https:\/\/twitter.com\/glassnode\/status\/1673635113261756416?s=20\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BTC miners increased selling pressure on the coin. As per the tweet, BTC miners sent an all-time high of $128 million to exchanges, equivalent to 315% of their daily revenue. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Historically, such episodes were followed by a price correction in the king of cryptos\u2019 value. Therefore, is BTC awaiting another price dip in the coming days?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As miners continued to sell their holdings, <a href=\"http:\/\/ambcrypto.com\/bitcoin-whats-behind-the-ongoing-rally\/\" target=\"_blank\" rel=\"noopener\">BTC<\/a>\u2019s supply distribution turned bearish. As per Santiment\u2019s chart, BTC\u2019s supply on exchanges was closing in on its supply outside of exchanges. If the former flips the latter, it would mean that selling sentiment is dominant in the market, which can cause BTC\u2019s price to decline over the days to follow.\u00a0<\/span><\/p>\n<figure id=\"attachment_323655\" aria-describedby=\"caption-attachment-323655\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023.png\"><img decoding=\"async\" class=\"wp-image-323655 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-16.45.52-28-Jun-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-323655\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><strong>The bulls are still leading<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">A look at BTC\u2019s daily chart revealed that the bulls were ahead of the bears. This was evident from its Exponential Moving Average (EMA) ribbon, as the 20-day EMA was well above the 55-day EMA. BTC\u2019s MACD also complemented the EMA ribbons, as it was bullish. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Bitcoin\u2019s Money Flow Index (MFI) was in an overbought position, which can create panic among investors and motivate them to sell their holdings. On top of that, the Relative Strength Index (RSI) registered a downtick and was headed southward. This suggested that the possibility of <a href=\"http:\/\/ambcrypto.com\/bitcoin-miner-riot-platforms-buys-33000-units-ahead-of-2024-halving\/\" target=\"_blank\" rel=\"noopener\">BTC<\/a>\u2019s price plummeting can\u2019t be ruled out yet.\u00a0<\/span><\/p>\n<figure id=\"attachment_323656\" aria-describedby=\"caption-attachment-323656\" style=\"width: 1815px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-28_16-49-20.png\"><img decoding=\"async\" class=\"wp-image-323656 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-28_16-49-20.png\" alt=\"\" width=\"1815\" height=\"815\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-28_16-49-20.png 1815w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-28_16-49-20-300x135.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-28_16-49-20-1024x460.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-28_16-49-20-768x345.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSD_2023-06-28_16-49-20-1536x690.png 1536w\" sizes=\"(max-width: 1815px) 100vw, 1815px\" \/><\/a><figcaption id=\"caption-attachment-323656\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h4><strong>Are the miners to blame?<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">CryptoQuant\u2019s<\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that miners were still selling moderate amounts of <a href=\"http:\/\/ambcrypto.com\/will-bitcoins-q3-be-favorable-for-investors\/\" target=\"_blank\" rel=\"noopener\">BTC<\/a>, which was evident from BTC\u2019s Miners\u2019 Position Index (MPI). BTC\u2019s Puell Multiple pointed out that miner&#8217;s revenue was in a moderate range, compared to its one-year average. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the miners are not the only ones to blame, and investors in general were also selling BTC at a profit, as suggested by the red aSORP.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span><a href=\"https:\/\/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<p><span style=\"font-weight: 400;\">Moreover, net deposits on exchanges were also high compared to the last seven days, further proving that the coin was under immense selling pressure. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last 24 hours, BTC\u2019s price declined marginally. At press time, it was<\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">trading<\/span><\/a><span style=\"font-weight: 400;\"> at $30,338.28 with a market capitalization of over $589 billion.<\/span><\/p>\n<figure id=\"attachment_323657\" aria-describedby=\"caption-attachment-323657\" style=\"width: 1381px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-BTC-new.jpg\"><img decoding=\"async\" class=\"wp-image-323657 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-BTC-new.jpg\" alt=\"\" width=\"1381\" height=\"372\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-BTC-new.jpg 1381w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-BTC-new-300x81.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-BTC-new-1024x276.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-BTC-new-768x207.jpg 768w\" sizes=\"(max-width: 1381px) 100vw, 1381px\" \/><\/a><figcaption id=\"caption-attachment-323657\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin miners were recording extremely high exchange interaction, sending an all-time high of $128 million to exchanges.<\/p>\n","protected":false},"author":75,"featured_media":323658,"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-323654","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 v28.3) - 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