Bitcoin has been seeing a strong correction these days, but it seems that this could be over. Investors freaked out at first, and weak hands obviously sold, but now, people have started to buy the dip.
The other day, od February 28, Bitcoin’s price dropped to the key $44k-$45k support level.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $47,864.18.
There are some analysts who have pointed out the fact that there’s been an uptick in miners’ selling as the reason behind the latest drop in price.
It’s a whale war, and you know who got the real power.
US Institutional Investors
– Coinbase Outflow = 🟢STRONG BUY
– Coinbase Premium = 🟢BUY
– BTC Reserve = 🟢BUY
– Stablecoin Inflow TXs = 🟢BUY
– Miner Outflows = 🔴 SELL
– Miner to Exchange Flows = 🔴 SELL pic.twitter.com/fhVBp8qocm
— Ki Young Ju 주기영 (@ki_young_ju) February 28, 2021
He also posted: “And please don’t blame mining pool owners; those outflows came from affiliated miners who have participated in the mining pool at least once.”
According to the reports coming from Cointelegraph, fortunately, the third retest of this key support level may have a silver lining for the bulls.
SOPR saw a full reset
It’s been also revealed that the data analytics resource Glassnode noted that the daily Bitcoin Spent Output Profit Ratio (SOPR) had seen a “full reset.”
“The SOPR essentially shows whether spent outputs are in profit or loss at the time of transaction. This key metric turned negative for the first time since September 2020. In other words, investors are now moving BTC at a slight loss on average, suggesting that profit-taking has abated, according to Glassnode,” the online publication mentioned above cites.
“In total, we saw an on-chain net realized loss of $243 million yesterday,” the analysts added. Check out the complete original article in order to learn more details.