Bitcoin is showing stability by holding the $30K threshold amid market volatility. Fidelity’s move to file for a Bitcoin ETF is expected to boost a bullish trend, and there are predictions that BlackRock may soon receive SEC approval for its Bitcoin ETF, improving Bitcoin’s market position. However, Bitcoin is facing resistance and significant selling pressure at higher levels, leaving traders confused.
Recent trends in the Bitcoin mining industry have raised concerns. There has been a surge in exchange transactions, with Bitcoin miners transferring a large volume to derivatives exchanges. Additionally, around 8,000 Bitcoins have disappeared from miners’ wallets, indicating increased selling pressure and a bearish indicator.
Glassnode reported that Bitcoin miner revenue sent to exchanges reached an unprecedented high, with miners transferring $128 million to exchanges in the past week. This surge surpasses previous spikes and suggests that miners are liquidating their holdings, putting selling pressure on Bitcoin.
There is a battle between bearish and bullish traders to protect the $31,000 and $30,000 levels, respectively. BTC’s price currently trades at $30,330, declining over 1.3% from yesterday. Bullish traders anticipate further upward movement and are not keen on taking profits yet. If the resistance zone of $30,800-$31,400 is surpassed, it could indicate the start of the next uptrend phase and pave the way for a surge toward $40,000.
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