The head of the platform and co-founder of Digital Assets Data, Mike Alfred, in a conversation with the Cointelegraph admitted that miners may be behind the sharp fluctuations in bitcoin at the end of June.
“It's hard to say for sure, but it seems to me that the actions of miners have a direct and immediate effect on the price. This is especially noticeable in the events falling out of the general series, as happened on June 23. On this day, miners sold three times as many bitcoins as they mined, ”the expert shared his thoughts.
On June 18, Alfred drew attention to a marked decrease in the indicator of miners' confidence in growth (MRI) after halving . In other words, at that time, this group of market participants began to hold more than to sell the mined cryptocurrency.
Five days later, MRI took off, indicating an increase in sales, which could be one of the reasons for Bitcoin's weakness in recent days.
Bitcoin has been trading in a narrow range of $ 9,000 – $ 10,000 over the past two months and is now close to its lower limit. On Thursday, for a short time, the price fell below $ 9000, but by now it has returned to $ 9100 (Bitstamp data).
Recall, the day before, analyst Dmitry Perepelkin analyzed the technical picture of bitcoin and allowed a possible drop in prices to at least $ 8600.
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