Crypto Markets Analysis: Bitcoin has slipped to the low end of its recent range. Meanwhile, bitcoin miners appear to be selling when prices attempt any sizable upside move. GWilliamsJr_CMT reports
Bitcoin prices slipped beneath the lower range of their Bollinger Bands.
Recent market action has been notable for quick price reversals anytime bitcoin appears poised for a sustained breakout above the $31,000 level. One explanation might be sales by bitcoin miners on price rallies, a possible sign that they are in need of capital, are bearish on BTC short term, or a combination of the two. There are also two technical indicators to explore.
Does the change indicate a shift in sentiment or simply a need for cash-strapped miners to sell into strength to fund operations? The answer is likely a combination of the two. Additionally, miners' overall bitcoin balances are currently 1.83 million coins versus 1.82 million on January 1, implying that recent activity may simply be a rebalancing of their overall position rather than a commentary on price level.Bollinger Bands are a technical indicator which tracks an asset’s 20 day moving average against price levels two standard deviations above and below that average.
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