Ramazan Eles 
According to recent analysis, ongoing Bitcoin miner sell-offs could push BTC’s price down to $54,000.
The cryptocurrency market continues to experience turbulence in September. After Bitcoin fell to $52,500 earlier this month, it rebounded to $58,000 in recent days. While these price fluctuations have caused concern among investors, analysts remain optimistic.
Despite the overall positive outlook, Bitcoin miners’ on-chain activities have drawn attention. Reports from AMBCrypto reveal that miner wallets have seen their balances drop to 1.8 million BTC, signaling a continuation of sell-offs.
Bitcoin Miner Wallets Depleting
Bitcoin (BTC) has seen a 4% increase in the last 24 hours, yet it has struggled to break through the $60,000 resistance level. Amid this market upswing, the selling activity by Bitcoin miners has raised some alarm.
On-chain data from Glassnode indicates that miners have been selling since September 2. Even though the market correction coincided with these sell-offs, miner activity persisted even as BTC prices started to recover on September 8.
Analysts predict that the sale of 1.8 million BTC could continue to exert downward pressure on the market.
The declining balance in miner wallets is also impacting the network’s hash rate. Coinwarz reported that Bitcoin’s hash rate has dropped to 712.57 EH/s in recent days.
AMBCrypto noted, “Selling pressure typically results in price corrections,” suggesting that miner sell-offs may have a notable influence on BTC’s price.
Bitcoin, the leading cryptocurrency, recorded a trading volume of $35 billion in the past 24 hours. During this time, BTC’s 4% price increase led to $122 million in liquidations across the crypto market.
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