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CryptoQuant, a cryptocurrency analysis company, recently published two different analyzes about Bitcoin and the overall cryptocurrency market. These analyzes focus on the Bitcoin Miners' Position Index (MPI) and the current high open interest level in Bitcoin. 
According to analysts, the Bitcoin Miners' Position Index (MPI) showed that miners' selling pressure has increased, leading to some concerns in the crypto community. MPI measures the extent to which miners' outflows or sales deviate from their long-term moving average. According to the analyst, the 30-day simple moving average of MPI, represented by the yellow line on the chart, is particularly striking. 
According to CryptoQuant analysts, historically, when the MPI's 30-day simple moving average exceeds 2, the market has typically entered a rapacious medium-term bull run phase rather than immediately correcting. Although not an immediate cause for alarm, analysts are urging greater caution. 
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 <img decoding="async" class="size-full wp-image-135050" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/02/cryptoquant-grafik.jpg" alt="" width="1280" height="806">
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 Bitcoin Madencilerinin Pozisyon Endeksi (MPI) ve Bitcoin fiyatı.
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Related News: <a href="https://en.bitcoinsistemi.com/what-will-happen-to-bitcoin-in-the-coming-days-is-a-correction-at-the-door-or-is-the-road-to-100000-open-analyst-answered/" target="_blank" rel="dofollow">What Will Happen to Bitcoin in the Coming Days? Is A Correction At The Door Or Is The Road To $100,000 Open? Analyst Answered</a> 
On the other hand, another CryptoQuant analyst focused on the open interest side in Bitcoin. Open interest can be a strong rally trigger, but it can also be a clear indicator of overheating. In this sense, open interest was a strong reason for Bitcoin's price to rise in '23 and '24. However, it is currently at a level that may be too high. 
To give an example, open interest has only been higher than the current level twice before; once in 2021 and once in 2022. According to analysts, this raises the question: Should we see the current high open interest rate as a harbinger of a significant correction, as in the past, or as a sign of the era of Bitcoin spot ETFs? 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/analytics-firm-warns-of-a-selling-pressure-by-bitcoin-miners/">Analytics Firm Warns of a Selling Pressure by Bitcoin Miners</a>

Analytics Firm Warns of a Selling Pressure by Bitcoin Miners

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