Cryptocurrency

Crypto research: BTC-Miner is to blame, that Bitcoin does not develop any upward momentum? – Coin Update

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Investors and analysts had believed that the halving would reduce the selling pressure on Bitcoin, seem to be right, because the sales activities of the Miner in the last few weeks, fell sharply.

Although this has been mitigated by the miners on the Bitcoin exerted selling pressure, the Situation may not be quite so optimistic as it seems.

The research firm Glassnode writes in a recently published report, that the reason why the Miner will keep their BTC, it could be that they are waiting for higher price levels, before you push off your stocks.

Apart from that, the Miner may accumulate easy Bitcoins, you sell when the price rises higher.

This Trend seems to be due to the recent sales activity in the largest unknown Bitcoin mining pool have been confirmed.

Miner does not sell your Bitcoins yet

One of the main reasons why would be halved for Bitcoin have been short term bullish, is that the lower profitability would prevent the Miner of your freshly minted BTC to sell.

It is true that this event has tempered the of the miners on BTC exerted selling pressure, but it may contribute to this, to give the crypto-currency number 1 in the short term upward momentum.

Glassnode writes about it in a research report, and declared that it now seems that the Miner would simply wait for higher prices before they sell their Bitcoins.

“This is an obvious predatory behavior began immediately after the recent halving… This has the consequence that the Miner to delay the sale of your BTC, and instead, to increase the price wait before you can realize your profits.

Therefore, Bitcoin could be every Time he starts to push higher, a sharp increase in unexpected sales pressure.

“It is therefore more likely that the next major price increase a sale by the Miner will be triggered, and that this ‘Hodling’behavior, not of duration.”

The sale of the activities of this Mining-Pools confirm this idea.

Earlier this week it was announced that the biggest unknown Mining Pool has sold his Bitcoin holdings every Time the price of the digital Assets has climbed in the five digit range.

As BTC reached earlier this week, a High of 10,400 $, was transferred almost instantaneously, a considerable amount of crypto on an exchange.

Image courtesy of Ki Young-Ju

These data seem to confirm the Glassnode expressed thoughts, since they, too, assume that many miners will sell each Pump.

Exactly this Trend, however, could prevent that Bitcoin is experiencing in the near future, a greater dynamism.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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