- Bitcoin is facing increased selling pressure as miners reduce their reserves and transfer more coins to exchanges, signaling a bearish outlook.
- If this trend continues, BTC could drop to $74,000, unless buying momentum returns to stabilize the market.
Bitcoin is facing another turbulent week as bearish sentiment intensifies, fueled in part by a key group of holders—miners. According to on-chain data from CryptoQuant, Bitcoin miners have ramped up their selling activity, adding to the downward pressure already weighing on BTC.
The BTC miner reserve—a metric that tracks the number of coins held in miners’ wallets—has dropped to 1.80 million BTC, marking a 1% decline over the past week. This suggests that miners are offloading their holdings, a sign of declining confidence in Bitcoin’s near-term price action.
On-Chain Data Confirms Growing Sell Pressure
The bearish outlook is reinforced by Bitcoin’s negative miner netflow, which hit -590.40 BTC as of April 10. This metric measures the difference between the number of coins deposited to exchanges and those withdrawn. A negative netflow typically means more coins are being sent to exchanges to sell—another red flag for Bitcoin bulls.
This surge in miner-led selling is especially concerning because it often precedes significant price dips. With selling pressure from such a critical group of holders, Bitcoin’s recovery in the short term may be hard-fought unless strong buying demand returns.
Technical Breakdown: BTC Bears Eye $74K Support
Technically, Bitcoin remains firmly below its Super Trend indicator on the daily chart, with the resistance now sitting at $90,911. This dynamic indicator shows that the current trend remains bearish, and unless momentum shifts, BTC could see deeper corrections.
If the coin fails to hold its key support level at $80,776, analysts suggest it could plunge to as low as $74,389. However, if sentiment improves and sell pressure eases, BTC might rally toward $86,172.
All Eyes on Miners and Market Sentiment
Bitcoin’s fate now hinges on whether buyers can step in to counteract the selling wave. With miners leading the selloff and technical indicators flashing red, investors should brace for heightened volatility—and potentially deeper price cuts—before any meaningful recovery.
