According to a trader on the well-known TradingView website, following the recent halving, BTC miners are selling their bitcoins.
Indeed, many of them have decided to leave the industry as they no longer deem mining profitable, which is why the hashrate has also decreased recently.
“I am doubtful of BTC’s ability to decouple with its current correlation with the S&P 500, and if equities continue to roll over, BTC is likely to follow that trajectory. Miners have dumped much more Bitcoin onto the market than in previous post-halving periods, while Glassnode reported the following in a recent newsletter”, the trader explained on TradingView.
Ripple: a change of direction is possible
Another interesting trading consideration is then given by a different analyst talking about XRP, which has recently continued to fall – today by 1.5%, but less than the other cryptocurrencies.
“The next time we can expect a visit of this area to test it, it will be important to see how we react here when there comes a volatile red candle to the downside crossing the lower boundary of the rising wedge down the wedge is finally confirmed and it can be traded on the short-side”, explained another analyst at Tradingview.
Ethereum: watch out for $220
Meanwhile, today ETH drops by 2%, but regains the 8.5% threshold in terms of dominance. If it were to break the current threshold of $215, the next resistance would be between $220 and $230, so this area should be monitored.
“It is essential that the bulls keep the price above $215. This will allow them to focus on breaking $220 and $230 resistance zones respectively. If a reversal is to occur from the current levels, expect support at $205, the 50% Fibo at $191, and the 200-day SMA at $175,” explains the analyst.