The post Bitcoin Reaches A Struggling Zone Near $27K! Will BTC Price Continue To Plunge? appeared first on Coinpedia Fintech News
The bearish onslaught on Bitcoin continues unabated, turning the market crimson as large-scale investors liquidate their holdings in the face of falling prices. Additionally, numerous on-chain indicators are signaling a potentially steep decline for BTC as it hovers near an unsafe zone, prompting sellers to amplify the bearish pressure.
Negative Sentiment Emerges Among Bitcoin Miners
As the bearish momentum of Bitcoin shows no signs of easing, miners are compelled to offload their BTC positions to maintain profitability. On-chain data suggests that miner selling may have contributed to the recent dip in the asset’s value below the $28,000 threshold.
An analyst’s CryptoQuant post highlights that miners were applying selling pressure on Bitcoin during its decline. The “miner netflow” metric, which measures the net amount of Bitcoin entering or exiting
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