The Recent Bitcoin Sell-Off: Increased Sell Pressure and Low Volatility
In the last 24 hours, Bitcoin miners dumped over 1400 BTC for $41.2 million, leading to increased selling pressure in the market. This sudden movement has caught the attention of market enthusiasts, as the flagship digital asset has been trading under $30,000 for the past month. The low volatility of Bitcoin has been confirmed by Glassnode, with fewer than 5% of trading days having a tight trade range.
Main Breakdowns:
- Bitcoin miners’ sell-off has increased selling pressure on the market.
- Bitcoin’s price has remained under $30,000 due to high sell-taker volume.
- Bitcoin’s volatility is near its lowest level in the last two years.
- Long-term holders’ assets reach a new all-time high, indicating their conviction in holding Bitcoin.
- Market observers are anticipating the SEC’s decision on a Bitcoin Spot ETF application.
Hot Take:
The recent sell-off by Bitcoin miners has further intensified the selling pressure in the market, keeping Bitcoin’s price below $30,000. The low volatility of Bitcoin, coupled with the anticipation surrounding the SEC’s decision on a Bitcoin ETF, has led to a cautious market. However, the high conviction of long-term holders in holding Bitcoin indicates their confidence in the asset’s future. As the market awaits the SEC’s decision, all eyes are on whether optimism around ETFs will help Bitcoin break out.
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