Here’s Who’s Selling Bitcoin (BTC) Right Now, Driving the Price Down

Here's Who's Selling Bitcoin (BTC) Right Now, Driving the Price Down

It looks like Bitcoin selling pressure is through the roof again, as the first cryptocurrency fell below $65,000, with over $140 million liquidated. However, the main source of selling pressure may not have been so obvious.

It looks like Bitcoin selling pressure is through the roof again, as the first cryptocurrency fell below $65,000, with over $140 million liquidated. However, the main source of selling pressure may not have been so obvious.

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The recent price action indicates that Bitcoin is having a difficult time maintaining its position above important support levels. With a break below the 50 EMA and an approach to the 100 EMA, the daily chart shows an extreme decline. There is also increasing bearish momentum indicated by the RSI.

BTCUSD
BTC/USD Chart by TradingView

The fact that Coinbase is the source of selling pressure is crucial. The Coinbase Premium Gap, a measure that contrasts the price of Bitcoin on Coinbase Pro with that of other exchanges, is significantly negative, suggesting that Coinbase is currently executing orders from institutional investors who are willing to sell their holdings.

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The miners’ long period of capitulation is also made clear by Willy Woo’s analysis. As indicated by the Bitcoin Hash Ribbons, which show periods of stress and recovery for miners, we are currently experiencing a record amount of miner capitulation. Woo says that when the hash rate starts to rise again and weak miners leave, Bitcoin usually recovers.

Similarly, the volume of large dollar transactions has declined sharply, suggesting that major players are reducing or selling their holdings. The Bulls and Bears indicator, which indicates a preponderance of bearish directions, further highlights the bearish sentiment. It appears that more investors are selling rather than buying as the gap between bullish and bearish directions has widened.

The combination of these data suggests that there are multiple sources of selling pressure. With huge amounts of Bitcoin sold on the platform, Coinbase appears to be a major driver. Furthermore, as miners sell their stakes to pay operating expenses, the extended mining capitulation phase intensifies selling pressure.

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