The BTC price plummeted below $11K for the first time in over a month after it failed to hold above the key resistance level near $11,350.
Today’s tumble takes the BTCUSD pair from recent highs at $12,075 that was set just two days ago to the current price of $10,547, marking a 7% correction.
The bulls are currently struggling to halt a downward spike below the $10K level of support.
Some of the possible reasons why the BTC markets are turning bearish include a strong rebound in the US dollar, along with increased uncertainty surrounding the upcoming US elections.
These factors have worked in tandem to turn the larger cryptocurrency market into a sea of red. Nearly all top assets such as ETH and XRP are suffering significant losses.
The month of September hasn’t been historically strong for the crypto markets as a whole, and a further downside could be expected in the coming months according to Donald Bradley’s Siderograph.
BTC Price to see new low in December | Source BradleySiderograph
In the worst-case scenario for the king coin, a prolonged selloff could drive the BTC price toward $10,250. However, it remains to be seen if the bulls can hold the important support near the $10,650 level.
BTC Miners are Dumping Coins
According to data blockchain analytics firm CryptoQuant, BTC miners are currently involved in a major selloff that is sending BTC prices down.
The company shared on-chain data on twitter that shows over 1,500 BTC coins moving out of miner’s wallets over the last 24 hours. This metric implies that miners are liquidating coins in anticipation of a downward tumble for the world’s leading crypto.
Moreover, longer-term BTC holders are also moving their coins, seemingly to liquidate the digital assets to purchase the dollar or other cryptocurrencies.
The unusual selling pressure from miners and “HODLer” wallets is bearish for BTC in the short term, but the market structure technically remains bullish from a macro perspective.
TRX Price Outperforms Bitcoin
Amid the heavy losses seen on the crypto markets today, Tron (TRX) has been one of the few digital assets to trade in a positive zone.
The TRXUSD pair is up by 10% on the hourly charts to reach the price of $0.0388, with the token now testing a crucial resistance near $0.0400.