Here Is How Miners Could Be Manipulating Bitcoin Price

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Bitcoin exchange withdrawals

Bitcoin exchange withdrawals

Looking at the other side of the fence

A recent report by Coinmetrics argues that miner-exchanges flows, exchange deposits and withdrawals are not in any way correlated to Bitcoin price. The research says that Bitcoin price “rarely move in tandem” with these metrics.

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Bitcoin miner flows data

Bitcoin miner flows data

Econometric’s latest report, however, admits that the data has some blind spots. It also says that some miners prefer to sell on OTC desks. The research is accurate on the idea that miners sell on very few exchanges and mainly on Binance and Huobi.

Bitcoin price losses critical support

Bitcoin price has lost the support explored earlier at $50,000 and highlighted by the 50 SMA. If this support is not reclaimed, the bellwether cryptocurrency may freefall to retest support at $47,500. In the event this support is overwhelmed, the weekly anchor at $45,000 will come in handy.

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BTC/USD 4-hour chart

BTC/USD 4-hour chart

On the flip side, the Moving Average Convergence Divergence (MACD) reveals that Bitcoin is gradually entering the bullish territory. Besides, a break above the 100 SMA at $52,500 will pave the way for gains toward $60,000.

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