Bitcoin price falls as miners send 10,000+ BTC to exchanges

Bitcoin (BTC) rose just above $17,000 this week after the cautiously positive speech by the Federal Reserve chairman. That the price met resistance here was no surprise and bitcoin did not go above $17,250.

Yesterday the price dropped to $17,000 and lost its grip last night. Still, the support around $16,900 seems to be holding for now. Bitcoin tops out at $16,960 on Binance and $16,100 at the time of writing. on Bitvavo.

This puts the bitcoin price down 1.1% today. The trading volume fell by 16% in the past 24 hours. The total market capitalization is $326 billion and the dominance is 38.2%. The Fear & Greed Index comes out at 27 (Fear).

FTX crash creates bitcoin self custody

While the Fed speech may have offered some hope to investors, the macroeconomic situation remains very poor. Equity markets therefore closed in the red yesterday.

Also, we may not have seen the end of all the consequences of the FTX fiasco yet. The market therefore remains very cautious. Still, the FTX crash had a positive side effect when it comes to self-custodyor self-preservation:

Lots of resistance between USD 17,000 and USD 19,000

Meanwhile, Phi Deltalytics reports that short-term holders are still selling their BTC at a loss. Therefore, there will be a lot of resistance around $18,000, the analyst believes, who warns to be careful once the price gets here.

Analyst Material Indicators also warns of a lot of resistance. However, he thinks that the resistance around $17,600 (the June wick) may have moved to $19,000.

Bitcoin miners send 10,000 BTC to exchanges

We have been writing for a long time that bitcoin miners are under heavy pressure due to the low price, high costs and high competition. Gradually we see more and more signs of capitulation among miners.

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Yesterday, more than 10,000 BTC from Poolin was sent to exchanges. That is most likely with the intention of selling the BTC. This kind of selling pressure can push the price back down.

10 year old BTC on the move

In addition, Dutch analyst Maartunn warns that 400 10-year-old BTC is moving. That’s usually too bearish for the course.

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