Bitcoin Price Drops Below $105K Amid Miner Selloffs
- Miners sell 30,000 BTC, causing price drop.
- Resistance at $108,000 remains critical.
- Institutional support stays firm above $100,000.
Bitcoin recently fell below $105,000 due to substantial selloffs by miners. Over the previous 20 days, miners liquidated about 30,000 BTC, contributing significantly to this price movement.
The price dip underscores the ongoing influence of miner activities on Bitcoin’s valuation, with broader market implications evident through associated altcoin movements.
Over the past three weeks, Bitcoin has experienced a decline to $104,725, primarily driven by miners liquidating holdings as geopolitical tensions rise. This activity increased short-term supply, causing pressures that are challenging current price levels. On-chain data tracks this significant miner release as they offloaded approximately 30,000 BTC, impacting supply-demand dynamics.
“Bitcoin trending back upward, which is a great sign. Facing the crucial resistance zone, through which we’re about to hit a new all-time high once we break through this resistance zone.” – Michael van de Poppe, Founder, MN Capital
Miners are primarily responsible for the current changes, selling assets to meet operational costs amid rising expenses. This move affects liquidity and trading volumes, with a notable decrease recorded in market activities.
The drop affects Bitcoin’s broader market influence, resulting in volatility for other assets like Ethereum ETH -5.91% . Institutional investors view this as a consolidation phase, maintaining their positions at key support levels.
Historically, significant miner selloffs often lead to temporary price dips, followed by market rebounds. This scenario may recur, affecting future demand cycles and investor sentiment. Long-term predictions remain optimistic due to robust institutional support.
