Bitcoin is selling at the time of writing and is approaching psychological support at $60,000. From what is printed, it is clear from the daily chart, it represents a weak start to Q4 2024–a historic trading quarter.
Bitcoin Miners Reduce Their Drops
Although BTC is under pressure, sliding nearly 10% since September highs, it appears that Bitcoin miners have been slowing down their mining operations. In the post on X, one commenter you notice that in the last few weeks, the top Bitcoin miners have been gradually reducing the transfer of coins to the top centralized exchanges like Binance and Coinbase.
This upgrade is the biggest price increase after the April 20th Part Reduction event. In general, and looking at previous trends, before and after the Halving, miners tend to move their reserves to the exchange, selling them as they adapt to the new inflation regime.
After Half, the protocol automatically reduces block rewards by 50%. A 50% decrease also means that miners have to accept a corresponding decrease in income, especially if the labor costs associated with each block do not change much.
After prices rose to around $74,000 in March, market traders expect Bitcoin to start rising again soon after the Halving. However, due to the thousands of BTC sold by “weak” miners after the Trade, prices have dropped significantly and even incomes sometimes come from Bitcoin ETF issuers in the United States.
Will BTC Soar Higher In Q4 2024?
Therefore, easing selling pressure from miners may support prices. Their decision to reduce their BTC closing signals is that they expect prices to recover in the coming months. For the uptrend to continue, traders keep track of important factors.
That Q4 2024 historically, especially in October and November, can support optimistic bulls. The problem now is that the past three days’ losses mean that this is Bitcoin’s worst start to October in at least a decade.
In the short term, sales, analyst he sayscan be included if short-term holders (STHs) reduce their supply by 80,000BTC. STHs are organizations that have bought a coin in the last 155 days.
They are often considered speculators and present a risk to the rise of BTC as they tend to sell and cannot withstand sharp price fluctuations. If they reduce their supply, BTC can find support at $60,000. Otherwise, if the bears continue, the coin may sink below $57,000–the support line built into the daily chart.
Featured image from Canva, chart from TradingView