Tarekonchain
What is the reason behind the current decrease in the price of Bitcoin?
The price of Bitcoin has dropped by around 10% since the beginning of the week and today reached $27,200. This is accompanied by an increase in the MPI index, which indicates an increase in the conversion by miners of Bitcoin. We also notice an increase in the miner outflow index and the selling index of miners, along with a decrease in miners' reserve. All of this indicates selling pressure from miners during the past few days. It's worth mentioning that the cost of mining has reached around $27,200, which is close to the current price. This decrease can be considered a correction for the price of Bitcoin, and it may suffice in the range of 27,200-26,600 if the selling pressure decreases.