Bitcoin May Test $60,000 Support Amid Miner Selling

IconCryptoNewsTerminal Staff14 Jun, 2024

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Bitcoin May Test $60,000 Support Amid Miner Selling

Bitcoin (BTC) is facing renewed selling pressure from miners, triggering concerns of a potential price correction to as low as $60,000. Traders have observed a significant spike in the number of bitcoins being transferred from miner pools to exchanges, indicating a potential increase in selling activity. Additionally, over-the-counter (OTC) sales volumes have surged to their highest levels since late March. "Risk appetite is waning amid a stronger dollar and other factors," said Alex Kuptsikevich, senior market analyst at foreign exchange broker FxPro. "Bitcoin has been testing the 50-day moving average of $65,000, but failure to reclaim it soon could eventually see the support break and open the doors to a drop towards $60,000."

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