Bitcoin

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-struggles-as-value-plummets-below-66000">Bitcoin Struggles as Value Plummets Below $66,000</a><br></p>
<p style="text-align: justify"> <a href="https://en.bitcoinhaber.net/understanding-the-key-differences-between-bitcoin-ownership-and-bitcoin-etfs">Bitcoin</a>, the leading digital currency, is undergoing significant price corrections, recently dipping under the $66,000 mark. The downturn is attributed to a number of elements, with miner actions possibly exerting a more detrimental impact on market values than initially assumed by investors. </p> 
<h2 id="bitcoin-miners-sell-off">Bitcoin Miners’ Sell-Off</h2> 
<p style="text-align: justify"> The trend for Bitcoin has been bearish lately, with a notable 5% drop over the previous week and an additional 5% decline in the last day alone. Current trade values on 21milyon.com show Bitcoin at $68,000, maintaining a market capitalization of over $1.2 trillion. Analysis from a CryptoQuant writer reveals a marked reduction in Bitcoin miners’ reserves, hitting a low not seen since April 2021, suggesting miners are offloading their stockpiles. This trend of selling intensified at the beginning of November, possibly contributing to the heightened sell-off in the marketplace. Furthermore, the data indicates an increase in net deposits of Bitcoin on exchanges, hinting at a strong sell-off drive. </p> 
<h2 id="indicators-point-to-bearish-bitcoin">Indicators Point to Bearish Bitcoin</h2> 
<p style="text-align: justify"> The aSOPR metric for Bitcoin is displaying a negative pattern, indicating a surge in investors selling for profit. Similarly, the binary CDD for Bitcoin shows reduced activity from long-term holders, which is above the average for the week. The <a href="https://en.bitcoinhaber.net/deribit-exchange-broadens-trading-horizon-with-altcoin-options">Coinbase</a> Premium also reflects a pessimistic outlook, particularly exemplifying a strong inclination to sell among American investors. </p> 
<p style="text-align: justify"> Analysts examining Bitcoin’s daily trade patterns suggest the likelihood of further price declines. With the Bollinger Bands indicating a descent below the 20-day simple moving average and the Relative Strength Index plummeting, these signs could presage a sustained downward price trajectory for the <a href="https://en.bitcoinhaber.net/experts-shed-light-on-bitcoins-current-trajectory-and-price-projections">cryptocurrency</a>.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-struggles-as-value-plummets-below-66000">Bitcoin Struggles as Value Plummets Below $66,000</a></h5>

Bitcoin Struggles as Value Plummets Below $66,000

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