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Bitcoin outlook: BTC poised for increased selling momentum amid miner outflows

By:
on May 19, 2023
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  • BTC miners are moving their asset reserves.
  • That follows declined mining profits.
  • The leading crypto might endure more selling pressure.

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The Twitter crypto community observed the latest Bitcoin (BTC) miner movements on 19 May. Cryptoquant tweeted about the decreasing Bitcoin miner reserves, suggesting upcoming selling momentum from miners.

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The chart displays a sharp dip in miner rewards following BTC’s surge to this year’s high in mid-April. Another miner dip emerged toward the April end, catalyzing price declines in the world’s leading crypto. Cryptoquant added that the latest reserves decline happened this week and matched with inflows to Binance.

Miners readying to sell?

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Cryptoquant observed two transfers of 1,750 Bitcoin from a miner’s wallet to a crypto exchange. The analysts added that the transaction could have gone to Binance. The moves follow updates of declines in mining profitability. Moreover, some crypto pundits report that miners are already selling their stash.

Meanwhile, the Hashrate index indicates mining profitability dipped to $0.076 TH/s – per day. The figure increased to $0.127 on 9 May following amplified transactions during the memecoin minting trend. Also, the hash price plunged by 38% over the past year, plummeting profits for Bitcoin miners.

Moreover, Bitinfocharts stated that hash rates are about to hit 373 EH/s highs. Considering this, high energy costs, and peak difficulty, crypto miners are experiencing challenges at current conditions.

Bitcoin bears roar

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Moreover, the leading crypto may be experiencing soaring selling momentum due to the Bitcoin options – due for today’s expiry. BTC prices have declined from Monday’s $27.5K high, losing over 2% to $26,864 during the publication. The crypto welcomes the weekend with a weak foot.

These conditions might send the crypto toward the near-term support level of $26.3K. Intensified bearish activities will dip Bitcoin to the $25K value region. Nonetheless, the asset retains a bullish long-term bias.

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