Older whales and miners are adding more sell pressure.

Older-whales-and-miners-are-adding-more-sell-pressure

Older whales and miners are adding more sell pressure
Bitcoin is now seated in the 19K zone after breaking through the 20K support level. Whales and miners are driving this price movement.

Whales' Activity
- Before this week's decrease in bitcoin price below $20K, on-chain whale activity had once more increased and reached a climax.
- Right before the price change, older whales kept moving coins (a total of 15K 8-year-old BTC from the same entity).
- The bear market still exists according to the exchange whale ratio statistic, which gauges the amount of inflows to exchanges that whales dominate.

Miners' Activity
- As 5K BTC streamed into exchanges from the Poolin mining pool this week prior to the price adjustment, miners are also exerting downward pressure on the bitcoin price.
- Some miners are being forced to sell as their income (hashprice) has fallen near the lowest level ever.

If the current trend continues, more whales and miners will be forced to sell even further.