BitcoinAfter hitting a new high of $42,000 on January 8, its price dropped by about 25%. Although the aforementioned price drop was contained when the US market opened up, Bitcoin has not yet out of its predicament, and many on-chain indicators indicate that there may be another drop.
E.g, Miner Job Index [MPI] When miners sell their holdings, the indicator will soar. However, with miner Outflow, this indicator is the ratio of the outflow of miners to its 1-year moving average, which makes the analysis prospect more subtle.
Historically, an MPI value exceeding 2 has triggered a sell-off on the chart. Bitcoin’s collapse from ATH was due to the MPI soaring to 4.07. In fact, as of press time, this indicator has reached 5.26 on the chart, indicating that the outflow of miners is relatively high, and then dropped quickly.
further, Miner reserve Showing a relative decline in shareholding, this finding may suggest one of two situations: miners are holding shares or miners are selling their holdings.
The decline in mineral reserves further supports the claim that a price drop is imminent. Someone can say that the best thing CryptoQuant CEO Ki Young Ju said is Tweet Regarding the market’s bearish outlook,
Since yesterday, miners are selling, there is no stable stable currency inflow, no Coinbase outflow, and 15,000 BTC flowed into the exchange. We may conduct a second dumping. “
Except for the latest drop on the chart, the recent parabolic trend does not seem to be corrected at all. The opening price of $29,000 per year seems to be a good place for BTC to make corrections. This means that the price of Bitcoin will fall by 12-15% at the time of the press release.
The current outflow of miners may be enough to push the price of cryptocurrency to its annual opening price. However, due to FOMO, a sell-off is always possible, Bitcoin It may also fall to a low of $27,000, which is the source of the recent price collapse on January 4.
Either way, the two levels that need to be paid attention to include $29,000 and $27,350.