Bitcoin (BTC) fell to $ 30,000 on January 26 after higher levels evaporated, and a new influx of miners appeared to limit price action.
The rise of Bitcoin is getting worse
Data from Cointelegraph Markets and Tradingview showed that the largest cryptocurrency has turned sharply and approached $ 35,000 earlier this week.
At the time of writing, BTC / USD is approaching $ 31,000, meaning a 24-hour loss of over 5%.
A combination of factors indicating a short-term mission to generate profits among market participants, took the stage on Monday to prevent the bulls from raising prices.
Miners can still sell
The data show that the influx of miners – the money leaving mining pools – has continued to increase this week. As Cointelegraph reported, the price drop came last week when the largest pool, F2Pool, saw large outflows for several days. This time, however, smaller miners took the lead.
This unrest may not specifically indicate that miners are selling bitcoin, but it does indicate that mint coins are moving, possibly to places where they become part of the trade.
According to analyst resource CryptoQuant, the general turmoil this week is down from last week, but still up from previous months.
Stock market flows are positive for Bitcoin
Looking at the stock markets, traders seemed nervous about the strength of the market. In contrast to the behavior during the vertical increase in the bitcoin price at the beginning of the year, the net flows to stock exchanges in recent days have been positive.
Data collected by network monitoring provider Glassnode showed that $ 108 million more was deposited on Monday than deducted.
In contrast, the largest shipments of Ethereum (ETH) on trading platforms decreased by $ 47 million, while Tether (USDT) increased by $ 65 million.
Removing currencies from exchanges means that the owners do not intend to trade or sell them, and instead return them to wallets with hot or cold storage.
Coins are very active
There are more active Bitcoin addresses than ever before, while Bitcoin stocks have continued to move in recent days.
Bitcoin Days Destroyed, which measures the amount of each Bitcoin network transaction based on how long the coins in question were transferred, reached its lowest level in three months this week.