Bitcoin (BTC) Price Dips Below $90k as Miners Continue to Sell Holdings

Bitcoin is currently down by more than two percent, trading slightly below the $90k mark. It is currently experiencing a period of sideways movement

Bitcoin's price has been on a roller coaster ride lately. After reaching a new all-time high of nearly $92,000 in early November, the world's largest cryptocurrency has been trending down, now trading around $89,600. This recent dip has sparked curiosity among traders, who are wondering what's causing the downturn and how low Bitcoin might go in the short term.

Bitcoin's recent downturn can be attributed to several converging forces. One critical factor is the continued selling pressure from Bitcoin miners, a trend that has been closely followed throughout the year. As miners sell their BTC holdings in large volumes, this selling pressure has significantly impacted broader market sentiment.

Furthermore, a Bitcoin miner from the early “Satoshi era” has stirred the community with their recent activity. According to the data, 2,000 BTC, which had remained untouched since 2010, are now finally being moved. As highlighted by CryptoQuant's Head of Research, Julio Moreno, these coins had never been moved until now, and some of them have already ended up on exchanges, which might be adding to the selling pressure.

Adding to the mix is the Crypto Fear and Greed Index, which has shifted to a neutral position recently for the first time since last year. This neutral sentiment among traders might be influencing Bitcoin's price movement as well.

Bitcoin's price has been hovering around $89,600 after three waves of choppy movement in the lower time frames. We might be seeing a corrective wave play out in the short term, but the market is still ranging. If BTC rallies and breaks above recent highs, it could attempt another rally towards $95,000 or even $97,000. However, if it fails to hold onto critical support levels, a deeper correction might unfold.

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