As per Ali Martinez, an expert in cryptocurrency, Bitcoin miners have sold Bitcoin worth $55 million in the last 24 hours, aligning with a significant decline in Bitcoin’s value to a crucial support level. This occurrence has caused unease among investors. Glassnode’s recent report shows that the cryptocurrency market’s recent downturn has led to miners selling over 7,700 BTC in the past 7 days.
Bitcoin miners generally take care of the security of the blockchain transactions, and in return, they earn some of the block rewards. However, due to the decline in the value of Bitcoin, some miners have been selling off their reserves. This has negatively impacted the market and prolonged the downward trend. Investors are concerned about reports of miners selling $55 million worth of Bitcoin, fearing that this could lead to further price drops.
Bitcoin, the leading cryptocurrency, faced a decline with its value plummeting to slightly above $26,500. Despite this, there were some noteworthy sales of BTC during this period. However, there seems to be a positive shift in the cryptocurrency’s fate as it is currently traded at $26,800, having bounced back from a crucial support level of $26,490. According to blockchain data, a considerable number of addresses, exceeding 845,000, utilized a volume of over 474,000 BTC at this support level.
Ali Martinez has shared blockchain data from IntoTheBlock indicating that a correction to either $24,100 or $23,190 may occur if the key level is broken. Additionally, Martinez has highlighted strong resistance between the $28,180 and $28,990 levels that BTC’s upward momentum is facing. Interestingly, 1.24 million addresses have purchased 973,220 BTC within this range.
Data stored on the blockchain has also uncovered a recent surge in buying activity from the crypto community’s “whales”. These affluent individuals, recognized for possessing a range of 1,000 to 10,000 units of Bitcoin, have acquired an extra $2.32 billion valuation of the prominent digital currency within a period of slightly over a month.
Bitcoin has experienced significant price fluctuations in recent months, reaching a peak of more than $30,000 earlier this year before plummeting to approximately $28,800 at the time of writing. The drop in Bitcoin’s value has been linked to various factors, such as worries about regulations and the ecological consequences of Bitcoin mining.