Bitcoin miners sell, price pattern hints at breakout

Bitcoin miners sell, price pattern hints at breakout
Bitcoin miners sell, price pattern hints at breakout

The cryptocurrency market is currently mostly consolidating and most prices have barely moved in the past 24 hours. The total market capitalization this morning stands at $1.02 trillion and is therefore 0.1% in the plus. It is expected to remain calm today.

DXY price continues to rise

At the moment, all eyes in the financial world are mainly focused on the price of the US dollar index (DXY). This price continues to rise and has a very high negative correlation with risky assets, including crypto, in 2022.

Although DXY encountered some resistance last night, the price is still there bullish look and that may be a bad sign for the crypto market. By the way, US stock markets will remain closed today because of Labor Day.

Bitcoin Below $20,000 As Miners Sell

Bitcoin (BTC) briefly climbed above USD 20,000 last night but dropped to USD 19,750 this morning. Last week it was reported on Crypto Insiders that the hash rate and thus the so-called mining difficulty rise again.

Normally these are good signs for the network, but it also creates more sales pressure among miners. CryptoQuant analyst Maartunn recently noticed that miners are again sending large amounts of BTC to exchanges. In fact, recently saw the largest influx of miners to exchanges in months:

Despite this, some technical analysts see bullish signals for the bitcoin price. For example, analyst El Crypto Prof describes that bitcoin is currently in a so-called descending, or descending, channel sits. Recently, bitcoin was twice in a ascending channel and then the price broke down both times. Bitcoin is now in a descending channel, will a breakout follow up?

Ethereum Futures

Ethereum (ETH) dipped all the way to $1,400 a week ago. Shortly before the weekend, ether briefly touched $1,640 but was then rejected. Still, ETH held steady above USD 1,550 over the weekend and started rising slightly yesterday. However, ETH did not go beyond $1,580 and is down to $1,560 this morning, but is still up 1%.

Meanwhile, volume in ether futures has overtaken bitcoin for the first time ever. Unfolded reports this based on data from The Block. It may show that there is currently more confidence in ETH than in BTC, possibly due to the upcoming merge. Despite this, sentiment for both cryptos is still very low.

Top 100 crypto hardest risers and fallers

We have very few outliers in the top 100 largest crypto today. Theta (THETA) is 2.5% in the plus, sandbox (SAND) 2.6% and internet computer (ICP) 2.7%. Then polkaodot (DOT) is almost 4% in the plus, chainlink (LINK) 5% and defichain (DFI) almost 7%.

It is also quieter on the red side. Helium (HNT), algorand (ALGO), filecoin (HNT), chiliz (CHZ), chain (XCN), ecash (XEC), axie infinity (AXS) and flow (FLOW) are all up to 2.5%. 3% down today.

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The article is in Dutch

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