Price of a Unit Bitcoin Drops on Wednesday as Supply Surges
Bitcoin, the world’s cryptocurrency frontrunner, declined from the $9,772 it traded per coin on Tuesday morning to $9,202 on Wednesday following reports that Bitcoin supply is on the rise.
The dominant coin retraced slightly to $9,368 per coin at around 2:08 p.m Nigerian time as shown below.
According to data by Glassnode, the net outflow of coins from miners hits 2,935 Bitcoins on Tuesday, the lowest since 2019.
This may not be unconnected with the Bitcoin Halving highlighted by Investors King in May.
Investors King posited that due to the huge cost of running mining operations and the reduction in block reward, miners are likely to withdraw more often henceforth to meet the difference in operating cost created by the third halving.
Experts now expect sellers to pressure price below the current level as the coin fundamental gradually changed from positive sentiment to break $10,519 resistant level to bearish.
“There has been a big spike in miner outflows overnight, I’m expecting a whole lot of selling, starting real soon,” stated Cole Garner, a popular cryptocurrency analyst.
As predicted last week, a break below $8,781 support level would turn outlook bearish and open up $8,231 support. However, Investors King needs a break of $10,519 resistance level to confirm the bullish continuation.
