Bitcoin Price Drops Below $80K as Miners Sell Off BTC

by Ouess

Bitcoin briefly fell below $80,000 on Monday, reaching a four-month low of $77,393. This decline triggered a surge in miner sell-offs, increasing selling pressure and weakening market sentiment.

On-chain data shows a significant rise in BTC transfers to exchanges, a bearish signal that suggests miners are offloading assets to cover costs.

Miners Increase Selling as Bitcoin Hits Multi-Month Low

As Bitcoin’s price dropped, miner transfers to exchanges surged. CryptoQuant data shows the Miner-to-Exchange Flow spiked to 11,250 BTC, signaling that miners were liquidating their holdings.

Bitcoin Miner to Exchange Flow. Source: CryptoQuant

When miners sell in large volumes, it often leads to further price declines. Their netflow metric—which tracks the difference between BTC sold and bought—turned negative at -620.01, confirming that more Bitcoin is being sold than accumulated.

Bitcoin Miner Netflow. Source: CryptoQuant

This trend suggests continued downside risk, as miners selling to cover expenses could push BTC lower.

Bitcoin Struggles at $80K – More Downside Ahead?

Bitcoin is currently trading at $81,686, down 1% in the past 24 hours. Its trading volume has surged over 50%, reflecting intense selling activity.

BTC USD Source : TradingView

🔴 Possible price scenarios:

  • If selling pressure continues, BTC could drop to $73,631.
  • If demand absorbs the supply, Bitcoin could rebound to $86,601.

For now, BTC remains at risk, and its ability to hold above $80,000 will be key in determining its short-term direction.

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