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Bitcoin Retreats From $35K; Miner Selling Pressure May Cap Prices, Crypto Hedge Fund Says
BTC could run towards $40,000-$45,000 after consolidating around current prices, Capriole Investments said.
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Bitcoin [BTC] briefly topped $35,000 Wednesday for the second time this week, but prices quickly reversed as that level appeared to trigger numerous sell orders, perhaps from miners, suggested one hedge fund manager.
The $35,000 area represents a monthly resistance level for the price, and could mean that bitcoin will consolidate below for some time following the crypto’s big run higher, said Charles Edwards, founder of Bitcoin-focused hedge fund Capriole Investments.
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"Bitcoin miners are selling off more of their treasury than usual today; this can be a warning sign for consolidation," said Edwards. He noted an uptick in Capriole's Bitcoin Miner Sell Pressure, which indicates that BTC miners are selling a bigger part of their revenues than on average.
Read more: Bitcoin Mining Stocks Rally as BTC Holds Above $30K Despite Looming Halving Concerns
What's next for bitcoin?
Despite the short-term consolidation, Edwards suggests bitcoin could target the $40,000-$45,000 range in the coming weeks as the sell pressure subsides.
"While price may temporarily stall here at monthly resistance, the next significant trouble area is low- to mid-$40Ks," he said. "We expect bitcoin will take us there in short order given the data on hand."
The largest crypto by market capitalization also topped at around $35,000 on Monday, hitting a 17-month high as anticipation for a spot bitcoin exchange-traded fund – coupled with some other catalysts – hit a fever pitch. Despite stories about imminent approval for a spot ETF turning out to be mistaken, bitcoin has retreated only modestly from that level.
Traditional markets looking shaky
While bitcoin pulled back nearly 2% following the run to $35,000, it remains higher by 1.6% over the past 24 hours. That’s a sizable outperformance over U.S. stocks, where the Nasdaq is lower by 2.4% and the S&P 500 by 1.4% early Wednesday afternoon.
The renewed tumble in stocks came alongside a sharp 13 basis point rise in the 10-year Treasury yield to 4.95%. Also on investor minds were poor Q3 earnings results from Google (down 9% today) and rising geopolitical worries.
Earlier Wednesday, Turkish President Tayyip Erdogan said Hamas was not a terrorist organization and canceled a planned trip to Israel. Shares in Istanbul closed 7% lower.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Ano ang dapat malaman:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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