August 9, 2022

These 5 charts show why Bitcoin price failed to break $35K

1200 aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvOTE3ZGFlNDEtMzQ1MC00N2Y0LThiNmItOTliYWQ4MTcxNDljLmpwZw

Bitcoin (BTC) fell towards $30,000 on Jan. 26 after higher levels evaporated and fresh miner outflows appeared to suppress price action.

BTC price rally turns sour

Data from Cointelegraph Markets and Tradingview showed the largest cryptocurrency abruptly U-turn as it neared $35,000 in early week trading. 

At the time of writing, BTC/USD was lingering closer to $31,000, marking 24-hour losses in excess of 5%.

A combination of factors, all of which suggest a short-term profit-taking mission among market participants, entered the scene on Monday to keep bulls from taking prices higher. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Miners likely still selling

Data shows that miner outflows — funds leaving mining pools — continued to spike this week. As Cointelegraph reported, last week’s price dive came as largest pool F2Pool saw several days of major outflows. This time, however, smaller miners were taking the lead.

517694fd 513d 4783 909f dee919913c91
SmallTitle: These 5 charts show why Bitcoin price failed to break $35K
Sourced From:
Published Date: Tue, 26 Jan 2021 10:07:34 +0000