Bitcoin prices have shown consolidation after Fed Chairman Jerome Powell indicated that rate hikes will be slower in December and the next session. BTC price hit an all-time high of $17,194 with an over 200% jump in trading volume.
However, on-chain data shows that miners facing financial difficulties see this as an opportunity to sell their Bitcoin holdings, with Bitcoin's hashrate dropping steadily due to declining mining activity.
Whale Alert in a recent tweet on December 1 reported that an unknown wallet transferred 10,050 Bitcoins worth over $171 million to the Coinbene crypto exchange at 08:48 UTC. In addition, there were other BTC buy and sell transactions in the last 24 hours.
On-chain IT Tech analyst confirms 10K outflow from Poolin miner. The average amount of tokens per transaction sent from the combined miner's wallet. If miners transfer part of their reserves at the same time, it could trigger a BTC price drop.
Bitcoin price failed to show any major gains despite some rallying in the whale cluster due to increased selling pressure from miners. In fact, miners who sold 4K BTC this week pulled the price of Bitcoin down, hampering the surge. Based on on-chain data, miners' BTC transfers to exchanges increased again after BTC fell from $20,000 to $16,000.
Miners' BTC reserves have dropped by 13K BTC in recent months. It is now at the same level as it was at the beginning of 2022 amid less revenue due to the fall in the price of BTC. Moreover, the Bitcoin hash rate continues to fall due to the decrease in mining activity.
Bitcoin price jumped nearly 2% in the last 24 hours, hitting a high of $17,194. The jump came after Fed Chairman Jerome Powell in his latest speech indicated a slower rate hike from December.
At the time of writing, the price of BTC is trading at $17,135, with an increase of over 200% in trading volume. Crypto analyst Michael van de Poppe predicts the jump could reach $18.3K. However, he agrees with on-chain data that BTC price could face stronger resistance at $18k.
