Bitcoin Miners Halt Bull Rally as They Begin Offloading Their BTC Holdings

EmIqMVIVkAUzGSr 980x611

Bitcoin’s intense rally seen throughout the past few days has slowed down slightly, with buyers finding some resistance around $16,000 The rejection here yesterday wasn’t too intense, but it has kicked off a consolidation phase in the upper-$15,000 region One trend to keep an eye on in the near-term is outflows from miners onto exchanges This trend suggests that miners who have watched their assets appreciate rapidly in value may begin taking some profits off the table This will undoubtedly slow its ascent if they continue selling at a rapid pace It could even cause the crypto to reel lower Bitcoin is currently trading within a short-term consolidation phase as buyers and sellers struggle to control its trend. This consolidation phase came about after a slight rejection at its $16,000 highs set just a day ago. It has yet to see any sustained decline in price due to this, but…

Read the original article here