After getting rejected at $93k, Bitcoin [BTC] faced intense downward pressure, hitting a low of $83k, before slightly rebounding.
At press time, BTC was trading at $86,564, up 0.7% on the daily charts but down 1.06% on the weekly charts.
Amid this heightened market volatility, large entities, including miners, are emerging to close positions.
A Satoshi-era Bitcoin miner moves 50 BTC
According to Onchain Lens, a wallet from the Satoshi era moved 50 BTC, worth approximately $4.33 million, into five new wallets. The whale moved after being dormant for over fifteen years.
Source: Onchain Lens
Usually, when dormant wallets move, there are two significant reasons. The most common interpretation is preparation to sell and realize gains.
If sold, it will add to the already pressured market, although the amount of Bitcoin moved remains minimal.
The other reason for such movement is reorganizing or securing wallets, indicating the need to upgrade security infrastructure.
Bitcoin miners capitulating amid prolonged downtrend
With BTC in a prolonged dip, miner revenue has plummeted, as evidenced by the Puell Multiple. According to Checkonchain, this metric has dipped to 0.7 at press time.
At such low levels, it suggests that miner revenue is 30% below its long-term mean, driving them to seek revenue from elsewhere to finance operational costs.
Source: Checkonchain
As a result, miners have turned to aggressive selling.
On the 1st of December, as BTC fell back towards $83k, most miners panicked and sold 8.3k BTC. When miners turn to aggressive selling, it signals increased financial pressure, especially as BTC prices decline.
Source: CryptoQuant
Historically, the group’s increased selling activity has preceded lower prices, especially when it coincides with thin market liquidity.
A rebound or more losses ahead for BTC?
According to AMBCrypto, Bitcoin is under intense downward pressure from across market players, including miners. As a result, BTC has fallen below the 20, 50, 100, and 200‑day Moving Averages, signaling strong bearish control in the market.
At the same time, the DMI Index has remained largely negative, signaling strong downward momentum.
Source: TradingView
These market conditions, combined, leave BTC vulnerable to further losses. Thus, selling pressure persists, and BTC could drop to the $83k support level again.
To reignite the upward momentum and signal trend reversal, BTC needs a daily close above its EMA20 at $91582. A close here will incentivize bulls to target EMA50 at $98,725.
Final Thoughts
- Sustained miner selling and bearish technical signals suggest Bitcoin remains vulnerable to retesting the $83k support.
- A decisive daily close above EMA20 at $91,582 could mark the start of a potential bullish reversal.
Source: https://ambcrypto.com/bitcoin-miners-offload-big-will-btc-prices-revisit-83k-soon/
