{"id":428388,"date":"2020-06-24T20:00:27","date_gmt":"2020-06-24T20:00:27","guid":{"rendered":"https:\/\/uniquehot.com\/?p=428388"},"modified":"2024-06-11T14:04:21","modified_gmt":"2024-06-11T14:04:21","slug":"bitcoin-miners-sell-down-latest-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-miners-sell-down-latest-rally\/","title":{"rendered":"Bitcoin Miners Sell Down Latest Rally, What Happened To Post-Halving Hold?"},"content":{"rendered":"<p>Less than 48 hours ago, <a href=\"https:\/\/uniquehot.com\/2020\/06\/24\/bitcoin-break-suggests-gains-above-9800\/\">Bitcoin price was trading at over $9,700<\/a>. Today, it hit under $9,200 at the low on Coinbase.<\/p>\n<p>Data shows that the selloff was preceded by a massive outflow from miners to cryptocurrency exchanges. If miners were indeed behind selling down the recent rally, why aren&#8217;t they holding post-halving as expected?<\/p>\n<h2>Bitcoin Miners Sell Recent BTCUSD Rally Down To Nothing<\/h2>\n<p>Bitcoin is at a crossroads, <a href=\"https:\/\/uniquehot.com\/2020\/06\/18\/bitcoin-price-pump-consolidation\/\">after months of consolidation and sideways trading<\/a>. Nearly every crypto market participant is watching and waiting, expecting a major move to arrive soon.<\/p>\n<p>At the start of the week, following Sunday&#8217;s night&#8217;s weekly close, the first-ever cryptocurrency began to pump. The asset rose <a href=\"https:\/\/uniquehot.com\/2020\/06\/24\/bitcoin-break-suggests-gains-above-9800\/\">over $500 and 5% intraday<\/a> before a rejection happened.<\/p>\n<p>As of moments ago, the entire rally was erased and then some. Starting at 2 AM ET, Bitcoin price plummeted by $400 and 4%.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/06\/18\/bitcoin-price-pump-consolidation\/\">Data Indicates Bitcoin More Likely To Pump Following Consolidation, 20% Move Anticipated<\/a>\u00a0<\/strong><\/em><\/p>\n<p>Thus far, support at $9,200 is holding, but if more selling picks up, a deeper drop is possible.<\/p>\n<p>According to data, the selloff may have been Bitcoin miners taking advantage of higher prices, selling down the rally. Outflows of BTC potentially being sent to cryptocurrency exchanges were spotted late last night ahead of the selloff starting.<\/p>\n<p>The outflow was the second largest since the rejection above $10,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Big spike in miner&#39;s outflows overnight. <\/p>\n<p>Second biggest since <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> hit $10k. <\/p>\n<p>I&#39;m expecting a whole lot of selling, starting real soon. <a href=\"https:\/\/t.co\/RfYfYijZ8P\" rel=\"nofollow\">pic.twitter.com\/RfYfYijZ8P<\/a><\/p>\n<p>&mdash; Cole Garner (@ColeGarnersTake) <a href=\"https:\/\/twitter.com\/ColeGarnersTake\/status\/68574464?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 23, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Moments later, the fall began. It&#8217;s not clear, however, if the supply moved has been exhausted, or if another round of selling is coming. What also isn&#8217;t clear, is why miners are selling Bitcoin in such large sums, when the expectation was <a href=\"https:\/\/uniquehot.com\/2020\/06\/22\/bitcoin-difficulty-accumulation-phase\/\">they would hold post-halving<\/a>.<\/p>\n<h2>Why Are Miners Dumping BTC When They Are Supposed To Be Holding?<\/h2>\n<p>If miners were indeed responsible as <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=mining.MinersOutflowMultiple&amp;mAvg=7\" target=\"_blank\" rel=\"noopener nofollow\">outflow data<\/a> suggests, then why are Bitcoin miners selling off their BTC holdings after each pump?<\/p>\n<p>The now past block reward halving was long anticipated to cause miners to hold their BTC supply ahead of a markup phase. A post-halving selloff driven by <a href=\"https:\/\/uniquehot.com\/2020\/05\/25\/bitcoin-halving-hash-ribbons-miner\/\">miner capitulation<\/a> was also expected, however, neither scenario has happened.<\/p>\n<p>Instead, Bitcoin has traded sideways, with buyers eagerly buying up any selloffs caused by miner sell pressure. Neither side has been able to cause a break in the trading range, but one will eventually give. A massive, over <a href=\"https:\/\/uniquehot.com\/2020\/06\/18\/bitcoin-price-pump-consolidation\/\">20% move is expected<\/a> when the breakout finally happens.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/06\/22\/bitcoin-difficulty-accumulation-phase\/\">Data Shows Recent Bitcoin Difficulty Adjustment May Kickstart New Accumulation Phase\u00a0<\/a><\/strong><\/em><\/p>\n<p>The sideways price action could be equilibrium taking place as miner sell pressure dries and buying pressure picks up. When miners eventually run out of supply, the increase in genuine bullish momentum could cause a breakout of downtrend resistance.<\/p>\n<p>With the halving behind us, miners out of supply and holding, a <a href=\"https:\/\/uniquehot.com\/2020\/05\/15\/chartered-market-technician-claims-crypto-poised-for-strong-uptrend\/\">new long term uptrend in Bitcoin<\/a> could finally begin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Less than 48 hours ago, Bitcoin price was trading at over $9,700. Today, it hit under $9,200 at the low on Coinbase. Data shows that the selloff was preceded by a massive outflow from miners to cryptocurrency exchanges. If miners were indeed behind selling down the recent rally, why aren&#8217;t they holding post-halving as expected? Bitcoin Miners Sell Recent BTCUSD Rally Down To Nothing Bitcoin is at a crossroads, after months of consolidation and sideways trading. Nearly every crypto market participant is watching and waiting, expecting a major move to arrive soon. At the start of the week, following Sunday&#8217;s night&#8217;s weekly close, the first-ever cryptocurrency began to pump. The asset rose over $500 and 5% intraday before a rejection happened. As of moments ago, the entire rally was erased and then some. Starting at 2 AM ET, Bitcoin price plummeted by $400 and 4%. Related Reading | Data Indicates Bitcoin More Likely To Pump Following Consolidation, 20% Move Anticipated\u00a0 Thus far, support at $9,200 is holding, but if more selling picks up, a deeper drop is possible. According to data, the selloff may have been Bitcoin miners taking advantage of higher prices, selling down the rally. Outflows of BTC potentially being sent to cryptocurrency exchanges were spotted late last night ahead of the selloff starting. The outflow was the second largest since the rejection above $10,000. Big spike in miner&#39;s outflows overnight. Second biggest since #Bitcoin hit $10k. I&#39;m expecting a whole lot of selling, starting real soon. pic.twitter.com\/RfYfYijZ8P &mdash; Cole Garner (@ColeGarnersTake) June 23, 2020 Moments later, the fall began. It&#8217;s not clear, however, if the supply moved has been exhausted, or if another round of selling is coming. What also isn&#8217;t clear, is why miners are selling Bitcoin in such large sums, when the expectation was they would hold post-halving. Why Are Miners Dumping BTC When They Are Supposed To Be Holding? If miners were indeed responsible as outflow data suggests, then why are Bitcoin miners selling off their BTC holdings after each pump? The now past block reward halving was long anticipated to cause miners to hold their BTC supply ahead of a markup phase. A post-halving selloff driven by miner capitulation was also expected, however, neither scenario has happened. Instead, Bitcoin has traded sideways, with buyers eagerly buying up any selloffs caused by miner sell pressure. Neither side has been able to cause a break in the trading range, but one will eventually give. A massive, over 20% move is expected when the breakout finally happens. Related Reading | Data Shows Recent Bitcoin Difficulty Adjustment May Kickstart New Accumulation Phase\u00a0 The sideways price action could be equilibrium taking place as miner sell pressure dries and buying pressure picks up. When miners eventually run out of supply, the increase in genuine bullish momentum could cause a breakout of downtrend resistance. With the halving behind us, miners out of supply and holding, a new long term uptrend in Bitcoin could finally begin.<\/p>\n","protected":false},"author":517,"featured_media":428390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,2989,4524,76835],"class_list":["post-428388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-miners","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Miners Sell Down Latest Rally, What Happened To Post-Halving Hold?<\/title>\n<meta name=\"description\" content=\"Less than 48 hours ago, Bitcoin price was trading at over $9,700. Today, it hit under $9,200 at the low on Coinbase. 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Today, it hit under $9,200 at the low on Coinbase. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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