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Miner Selling Pressure Mounts as Bitcoin Approaches $100K

Miner Selling Pressure Mounts as Bitcoin Approaches $100K

Cryptodnes2024/11/18 19:11
By: Cryptodnes
BTC+0.38%RSR-3.46%MAJOR+6.71%

As Bitcoin's price approaches the $100K mark, miner selling activity has escalated, raising concerns about potential market impacts.

Between November 10 and November 17, miners offloaded more than 110,000 BTC, worth nearly $10 billion, with the largest single-day sale occurring on November 12, when over 25,000 BTC (valued at $2.2 billion) were sold.

This surge in miner sell-offs has sparked speculation that it could hinder Bitcoin’s progress toward the $100K psychological milestone. Historically, significant miner sell-offs have coincided with local price peaks, with increased selling often signaling the market may be approaching a cycle top, prompting further selling from other holders.

Key indicators offer a mixed outlook on Bitcoin’s future trajectory. While miner fees are a traditional sign of market exuberance, they have remained relatively modest, hovering around 10% of total revenue in November, suggesting the market is not yet overheated. The Pi Cycle Top indicator also points to limited upside before the market risks becoming overextended, with the $120K mark serving as a potential sell signal.

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Major players in the crypto options market are anticipating a price range of $100K to $120K for Bitcoin, based on its recent rally. If Bitcoin exceeds $120K, it could trigger a broader sell-off, possibly marking the top of the current cycle and prompting profit-taking across all market segments. This would represent a roughly 30% rise from the current $90K price.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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