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Matrixport, a digital asset platform, suggested in a report published today that Bitcoin, the leading cryptocurrency, faces selling pressure at price levels around $28,000, and this selling pressure might largely be attributed to sales made by miners.
Is The Selling Pressure on Bitcoin Stemming from Miners?
Despite Bitcoin (BTC), the leading cryptocurrency, reaching price levels of $28,300 following value increases within the week, it failed to sustain above the $28,000 level and fell back to around $27,000. Matrixport, in its report published today, proposed that Bitcoin faces selling pressure at $28,000, and this pressure could be largely due to sales recorded by miners.
Matrixport hypothesized that Bitcoin miners may have needed to liquidate their new inventory as their profit margins have been narrowing in recent weeks. The report indicated a decrease in mining profit ratios due to the growing difficulty of Bitcoin mining.
What’s The Latest in The Crypto Market?
Bitcoin (BTC), the leading cryptocurrency, started the day on a high note and began trading at price levels of $27,150, recording an average increase of 1% within the last 24 hours. The cryptocurrency market has once again begun to rise, influenced by Bitcoin’s value increases.
Ethereum (ETH), which recorded a value increase close to 2% in the last 24 hours, is approaching $1900 significantly. The total market value of the crypto ecosystem has reached $1.14 trillion, according to current data from CoinMarketCap (CMC).
