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.
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.
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.
🔴 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.