Bitcoin sinkt, während Bergleute Inventar verkaufen, Spot Markets Panik

Bitcoin fell sharply early on Monday, having failed to establish a foothold above $40,000 über das Wochenende.

Over the last 24 Std, the cryptocurrency declined by more than $8,000 zu $32,400, an over 20% fall from levels over $40,800 late on Sunday (koordinierte Weltzeit). The cryptocurrency was last seen changing hands up slightly near $35,380 – still down 13.6% rund um die Uhr.

Prices reached a record high of $41,962 am Jan.. 8 and ended the last week with 15% Gewinne, its fourth-consecutive double-digit weekly gain, laut CoinDesk 20 Daten.

“Hefty spot selling against an over-levered market caused the price drop,” trader and analyst Alex Kruger told CoinDesk, adding that it is unclear whether it was miner selling or macro traders liquidating positions.

Data provided by South Korea-based analytics firm CryptoQuant suggests miner selling did contribute to the price drop.

The 30-day average of Miner’s Position Index (MPI) – the ratio of total miners’ outflows in U.S. dollar terms divided by the 365-day moving average of the outflows in dollar terms – rose to 2.20 am Sonntag, the highest level since July 2019. A reading above 2.00 indicates miners are selling.

„Der Miner Position Index sieht aus, um eine lokale Spitze zu erreichen. They’re selling bitcoin,” CryptoQuant’s CEO Ki Young Ju tweeted Sunday.

Some panic selling was seen on the U.S.-based crypto exchange Coinbase. A sell order for 180 bitcoin on Coinbase quickly brought the price down by $1,200, as noted by trader @lightcrypto.

Adding fuel to the fire, a comment by Guggenheim Partners’ CIO Scott Minerd that bitcoin’s sharp rise is “unsustainable” may have injected fear into the market and caused an exaggerated pullback, according to Matthew Dibb, Mitbegründer, und COO von Stack Funds.

Most observers believe the price dip is healthy amid the overheated market.

“The derivatives market can relax a bit, with the perptuals funding rate or cost of holding longs declining and futures premium falling,Patrick Heusser, head of trading at Zurich-based Crypto Broker AG, sagte CoinDesk, also noting heavy selling in the spot market and long liquidations worth nearly $1 Milliarde.

Joel Kruger, a currency strategist at LMAX Digital, said the market was severely overbought and in need of a healthy correction. Tatsächlich, the 14-day Relative Strength Index (RSI) on the daily chart had jumped well above 70.00, implying overbought conditions last week.

“The outlook remains highly constructive, but we wouldn’t rule out the potential for a pullback to the former hurdle-turned-support of $20,000,” Kruger added.

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Quelle: Coindesk

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