Bitcoin

Bitcoin price influenced by miners? It is possible, says an analysis company

Mike Alfred, co-founder and CEO of the Digital Assets Data data analysis team, recently highlighted miners as a potential catalyst for Bitcoin’s recent pricing activity (BTC).

“It is difficult to say in concrete terms, but it seems that the actions of the miners have a direct and immediate impact on the price.”said Alfred according to Cointelegraph on July 1st.

“This is particularly evident in atypical events like the 23rd, where miners pay out> 300% more BTC than was mined on that day.”he added, referring to the activity 23rd June.

Bitcoin price influenced by miners? It is possible, says an analysis company
Bitcoin price influenced by miners? It is possible, says an analysis company

Image courtesy of Digital Assets Data

Image courtesy of Digital Assets Data

On June 18, it registered a different behavior

“The MRI (Mobile Miner Inventory) has dropped significantly since halving, which means that miners hold more BTC than they mine.”Alfred said June 18 in comments on Cointelegraph, referring to the remarkable increase in the difficulty of bitcoin mining.

In contrast, The MRI started on June 23, Alfred told Cointelegraph on July 1.

On paper, this essentially means that miners are more focused on sales. This could be one of the reasons for Bitcoin’s recent price movement.

Cheds look at the indicators

Bitcoin has largely been trading sideways in the past two months, although recent pressure has slightly favored sellers. After a move up USD 9,780 On June 22, the crypto asset fell in the days that followed, reaching a price of USD 9,085according to data from TradingView.com.

“Bitcoin is likely to go for a new 200-day moving average test after it was broken, retested and rejected from the high of March 20, the lows of May 10 and March 20 on the uptrend line and beyond “CNBC Africa cryptocurrency analyst and a Twitter celebrity told Cointelegraph: BigChedsJuly 2nd.

The 200-day moving average (MA) to which “BigCheds” refers is currently $ 8,360. This trend line acted as price resistance for Bitcoin near $ 6,980 on March 20 and was supported by the trend line near $ 8,100 on May 10.

Bitcoin recently broke this downtrend line and retested the level as a new resistance.

Bitcoin fell below $ 9,000 again today before rising again at the time of writing.

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