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Miner Sell-Off Sparks $16M BTC Transfer!

Andras Crow-Hreidar by Andras Crow-Hreidar
September 20, 2024
in Crypto, News
Reading Time: 2 mins read
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Bitcoin Shows Bullish Move As Expected CPI Data Could Ignite Next Bull Run
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Bitcoin (BTC) price has been forming a midterm reversal pattern after rallying to a daily high of around $64,082. The initial bullish outlook triggered by the Fed’s rate cut, which signaled the onset of a shift to an economic growth period, has gradually waned. Furthermore, short-term traders are concerned about higher volatility in the last few days of September, which has historically been a bearish month. Nevertheless, Bitcoin’s bullish sentiments are expected to dominate in October and throughout the fourth quarter.

Old Bitcoin Miners On the Move

blockdag 70m

Recent on-chain data analysis has revealed interesting activity among Satoshi-era Bitcoin miners. Wallets that have been dormant for over 15.5 years have started transferring BTC. Specifically, five Bitcoin miner wallets transferred a total of 250 BTC, worth nearly $16 million, to unknown wallets. While this could be a routine technical transfer, it has sparked speculation about a potential sell-off that might influence Bitcoin prices in the near term.

Midterm Targets

In the one-hour time frame against the US dollar, Bitcoin’s price has been forming a possible reversal pattern. This pattern is characterized by a double top and a bearish divergence on the Relative Strength Index (RSI). According to popular crypto analyst Ali Martinez, the TD Sequential indicator has issued a sell signal in the higher time frame. Consequently, crypto analysts believe it is prudent for short-term traders to take some profits before a potential reversal over the weekend and possibly into the next week.

In the event of further bearish sentiment, Bitcoin’s price will likely find solid support around $61,000, which coincides with the 0.618 Fibonacci Retracement level in the 1-hour time frame.

Bigger Picture

The Bitcoin market has matured over the years to include nation-states such as the United States, China, El Salvador, and the United Kingdom, among others. The approval of spot Bitcoin ETFs in the United States has significantly improved the asset’s liquidity. As a result of the mainstream adoption of Bitcoin as a haven, its underlying value is expected to continue following that of Gold, maintaining a bullish outlook in the short term.

As Bitcoin continues to gain traction and adoption, its market dynamics are becoming increasingly complex. Investors and traders should keep an eye on macroeconomic indicators, regulatory changes, and technological advancements that could influence Bitcoin’s price trajectory. The long-term outlook remains positive, with many analysts predicting that Bitcoin will continue to serve as a digital store of value and a hedge against economic instability.

In conclusion, while short-term volatility may present challenges, the overall sentiment for Bitcoin remains optimistic. Traders and investors should stay informed and consider both technical and fundamental factors when making decisions. The upcoming months are likely to bring new developments and opportunities in the Bitcoin market, making it a critical period for stakeholders to monitor closely.

Tags: BitcoinPrice Analysis
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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