The recent drop in Bitcoin’s price below $105,000 is attributed to selloffs by miners who liquidated a significant amount of assets.
Miner-induced Price Decline
Over the past 20 days, miners sold approximately 30,000 BTC, significantly impacting Bitcoin's price. In the last three weeks, its value has decreased to $104,725 amid rising geopolitical tensions and increased short-term supply.
Market Influence and Institutional Investments
The asset selloff by miners resulted in market volatility, affecting other cryptocurrencies like Ethereum. However, institutional investors continue to support their positions, remaining confident in key support levels.
Outlook and Predictions for Bitcoin
Historically, miner selloffs have led to temporary price drops, followed by market rebounds. Analysts and institutional investors remain optimistic long-term despite the current decline, which may impact future demand cycles and investor sentiment.
The drop in Bitcoin’s price below $105,000 highlights the significant influence of miner activities on the market. Institutional support remains firm, potentially aiding in price recovery in the future.
