{"id":511519,"date":"2022-12-07T11:08:13","date_gmt":"2022-12-07T16:08:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=511519"},"modified":"2024-06-11T14:31:40","modified_gmt":"2024-06-11T14:31:40","slug":"bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent\/","title":{"rendered":"Bitcoin Miners Feel The Heat, More Selling Pressure Might Be Imminent"},"content":{"rendered":"<p><strong><span data-preserver-spaces=\"true\">Bitcoin is still stuck in a tight range as market sentiment declines from optimistic to bearish and market participants brace for a possible impact. The cryptocurrency was thriving on the possibility of a positive change in the macroeconomic landscape. Did bulls rush into a trap?<\/span><\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/upswing-of-vix-signals-doom-for-bitcoin-but-friday-is-crucial\/\" target=\"_blank\" rel=\"noopener \">Continued Upswing Of VIX Signals Doom For Bitcoin; But Friday Will Be Crucial<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As of this writing, Bitcoin (BTC) trades at $16,800 with sideways movement in the last 24 hours. In the previous week, the cryptocurrency is holding onto some profits, but there is a chance the bullish trajectory will retrace back to the yearly lows.\u00a0<\/span><\/p>\n<figure id=\"attachment_511531\" aria-describedby=\"caption-attachment-511531\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-511531 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/Bitcoin-BTC-BTCUSDT-5.png?resize=860%2C376\" alt=\"Bitcoin BTC BTCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-511531\" class=\"wp-caption-text\">BTC&#8217;s price moving sideways on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UJ6TlxFV\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Bitcoin Miners Will Contribute With The Downside Price Action?<\/h2>\n<p><span data-preserver-spaces=\"true\">On the macro scene, the U.S. Federal Reserve (Fed) is the biggest hurdle for future Bitcoin profits. The financial institution is trying to bring inflation down by hiking interest rates. This monetary policy has harmed risk-on assets.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Fed Chair Jerome Powell hinted at moderating the monetary policy, but this possibility might become less likely. Recent robust U.S. economic data could provide support for further interest rate hikes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The market is pricing in another 75 basis points (bps) hike for December. In addition to the Fed\u2019s tightening, the war between Russia and Ukraine adds to the market\u2019s uncertainty. The conflict is taking a step back in mainstream media headlines, but hostilities are escalating.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Russia?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Russia<\/a>&#8216;s Putin says threat of nuclear war is on the rise. Putin says Russia considers nuclear weapons a response to an attack. Says Russia&#8217;s nuke weapons are a deterrent factor in conflicts. <a href=\"https:\/\/t.co\/5RMIc7UK6A\" rel=\"nofollow\">pic.twitter.com\/5RMIc7UK6A<\/a><\/p>\n<p>\u2014 Holger Zschaepitz (@Schuldensuehner) <a href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/72076032?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 7, 2022<\/a><span style=\"color: #333333\">\u00a0<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">On the local scene, data from CryptoQuant shared with NewsBTC from the latest<a href=\"https:\/\/blog.bitfinex.com\/wp-content\/uploads\/2022\/12\/Bitfinex-Alpha-33.pdf\" target=\"_blank\" rel=\"noopener nofollow\"> Bitfinex report<\/a> indicates that BTC miners are \u201cmoving a large amount of Bitcoin out of their wallets.\u201d These transactions are often bearish indicators for the cryptocurrency.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Miners take out BTC to sell in the market and cover their operations costs. This selling contributes to BTC\u2019s bearish pressure. Bitfinex noted the following while sharing the chart below:\u00a0<\/span><\/p>\n<blockquote><p>On the other hand, when the value of the indicator decreases, this indicates that miners are withdrawing coins from their wallets. Such a trend could be bearish for Bitcoin since the miners could be transferring their coins out of their wallets in order to sell them on exchanges. BTC exchange inflows have also increased slightly over the past week after declining significantly over the few weeks prior to that.<\/p><\/blockquote>\n<figure id=\"attachment_511525\" aria-describedby=\"caption-attachment-511525\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-511525 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/Bitcoin-BTC-BTCUSDT-Chart-2-1.jpg?resize=860%2C541\" alt=\"Bitcoin BTC BTCUSDT Chart 2\" width=\"860\" height=\"541\"><figcaption id=\"caption-attachment-511525\" class=\"wp-caption-text\">Source: CryptoQuant via Bitfinex Alpha<\/figcaption><\/figure>\n<h3>Other Factors To Consider<\/h3>\n<p><span data-preserver-spaces=\"true\">In addition to struggling miners, the market is seeing BTC holders sell their coins at a loss. The Spent-Out Profit Ratio (SOPR) indicator stands above one, meaning investors are capitulating and cashing out due to the current macro conditions.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/matic\/bullish-news-for-polygon-zkevm-mainnet-is-almost-here\/\" target=\"_blank\" rel=\"noopener \">Bullish News For Polygon! zkEVM Mainnet Is Coming Soon, Says Co-Founder<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Bitfinex highlighted increased retail investors holding BTC as a positive takeaway from this data. These investors are adding to their balance while the price trends to the downside. These investor classes, the report claims, are \u201cresilient in the face of price drawdowns\u201d and could finally put a bottom in the BTC price.<\/span><\/p>\n<figure id=\"attachment_511530\" aria-describedby=\"caption-attachment-511530\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-511530 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/Bitcoin-BTC-BTCUSDT-Chart-3.jpg?resize=860%2C492\" alt=\"Bitcoin BTC BTCUSDT Chart 3\" width=\"860\" height=\"492\"><figcaption id=\"caption-attachment-511530\" class=\"wp-caption-text\">Source: Glassnode via Bitfinex<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is still stuck in a tight range as market sentiment declines from optimistic to bearish and market participants brace for a possible impact. The cryptocurrency was thriving on the possibility of a positive change in the macroeconomic landscape. Did bulls rush into a trap? Related Reading: Continued Upswing Of VIX Signals Doom For Bitcoin; But Friday Will Be Crucial As of this writing, Bitcoin (BTC) trades at $16,800 with sideways movement in the last 24 hours. In the previous week, the cryptocurrency is holding onto some profits, but there is a chance the bullish trajectory will retrace back to the yearly lows.\u00a0 Bitcoin Miners Will Contribute With The Downside Price Action? On the macro scene, the U.S. Federal Reserve (Fed) is the biggest hurdle for future Bitcoin profits. The financial institution is trying to bring inflation down by hiking interest rates. This monetary policy has harmed risk-on assets.\u00a0 Fed Chair Jerome Powell hinted at moderating the monetary policy, but this possibility might become less likely. Recent robust U.S. economic data could provide support for further interest rate hikes.\u00a0 The market is pricing in another 75 basis points (bps) hike for December. In addition to the Fed\u2019s tightening, the war between Russia and Ukraine adds to the market\u2019s uncertainty. The conflict is taking a step back in mainstream media headlines, but hostilities are escalating.\u00a0 #Russia&#8216;s Putin says threat of nuclear war is on the rise. Putin says Russia considers nuclear weapons a response to an attack. Says Russia&#8217;s nuke weapons are a deterrent factor in conflicts. pic.twitter.com\/5RMIc7UK6A \u2014 Holger Zschaepitz (@Schuldensuehner) December 7, 2022\u00a0 On the local scene, data from CryptoQuant shared with NewsBTC from the latest Bitfinex report indicates that BTC miners are \u201cmoving a large amount of Bitcoin out of their wallets.\u201d These transactions are often bearish indicators for the cryptocurrency.\u00a0 Miners take out BTC to sell in the market and cover their operations costs. This selling contributes to BTC\u2019s bearish pressure. Bitfinex noted the following while sharing the chart below:\u00a0 On the other hand, when the value of the indicator decreases, this indicates that miners are withdrawing coins from their wallets. Such a trend could be bearish for Bitcoin since the miners could be transferring their coins out of their wallets in order to sell them on exchanges. BTC exchange inflows have also increased slightly over the past week after declining significantly over the few weeks prior to that. Other Factors To Consider In addition to struggling miners, the market is seeing BTC holders sell their coins at a loss. The Spent-Out Profit Ratio (SOPR) indicator stands above one, meaning investors are capitulating and cashing out due to the current macro conditions.\u00a0 Related Reading: Bullish News For Polygon! zkEVM Mainnet Is Coming Soon, Says Co-Founder Bitfinex highlighted increased retail investors holding BTC as a positive takeaway from this data. These investors are adding to their balance while the price trends to the downside. These investor classes, the report claims, are \u201cresilient in the face of price drawdowns\u201d and could finally put a bottom in the BTC price.<\/p>\n","protected":false},"author":535,"featured_media":340598,"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":[428,1119,78790],"class_list":["post-511519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Miners Feel The Heat, More Selling Pressure Imminent?<\/title>\n<meta name=\"description\" content=\"Bitcoin is still stuck in a range as market sentiment declines from optimistic to bearish and market participants brace for a possible impact.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Miners Feel The Heat, More Selling Pressure Imminent?","description":"Bitcoin is still stuck in a range as market sentiment declines from optimistic to bearish and market participants brace for a possible impact.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Miners Feel The Heat, More Selling Pressure 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Feel The Heat, More Selling Pressure Might Be Imminent","url":"http:\/\/uniquehot.com\/news\/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/07\/Bitcoin-Kodak-KashMiner.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/07\/Bitcoin-Kodak-KashMiner.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-12-07T16:08:13Z","datePublished":"2022-12-07T16:08:13Z","dateModified":"2024-06-11T14:31:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Feel The Heat, More Selling Pressure Might Be Imminent\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2018\\\/07\\\/Bitcoin-Kodak-KashMiner.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2018\\\/07\\\/Bitcoin-Kodak-KashMiner.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-12-07T16:08:13Z\",\"datePublished\":\"2022-12-07T16:08:13Z\",\"dateModified\":\"2024-06-11T14:31:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2018\/07\/Bitcoin-Kodak-KashMiner.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/511519"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=511519"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/511519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/340598"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=511519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=511519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=511519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}