On-chain data shows Bitcoin miners have continued their selling as outflows from their wallets have once again spiked up.
When the value of this metric surges up, it means miners are taking some coins out of their reserves at the moment.
Since miners usually withdraw coins from their wallets for selling on exchanges, such a trend can prove to be bearish for the crypto’s price.
On the other hand, low values of the outflow suggests miners haven’t been showing much movement lately. This trend can be either neutral or bullish for the value of the coin.
Now, here is a chart that shows the trend in the Bitcoin miner outflows over the last few days:
As you can see in the above graph, the Bitcoin miner outflow observed some high values during the past few days.
This may mean that in response to the crash in the price of the coin, miners have been selling some of their reserve.
The spike in the last 24 hours was larger than all the earlier ones, showing that miners aren’t slowing down their selling just yet.
The below chart shows the trend in the price of the coin over the last five days.
Just a few days ago, Bitcoin observed a big crash where the price touched as low as $20k. So far since then, the coin has held above this level.
However, the crypto seems to have been moving sideways just above this mark so it’s unclear whether the level will continue to hold or if it may start to break down.
