Bitcoin Drops 10% As Miners Sell 30,000 BTC

Bitcoin's price recently fell below $105,000 due to significant selloffs by miners. Over the past 20 days, miners liquidated approximately 30,000 BTC, which contributed to this price movement. The price dip highlights the ongoing influence of miner activities on Bitcoin’s valuation, with broader market implications evident through associated movements in other cryptocurrencies.

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.

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. 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, which stays firm above $100,000. The resistance level at $108,000 remains critical, and breaking through this level could lead to a new all-time high.