Why didn’t the bitcoin price exceed $ 35,000? Here are 5 reasons!

Bitcoin (BTC) price fell below $ 30,000 for a short time as of January 26, affected by miner sales and profit taking.

BTC price rise settled

According to data from Cointelegraph Markets and Tradingview, the biggest cryptocurrency, approaching $ 35,000 at the beginning of the week, suddenly made a U-turn.

At the time of writing this article, the BTC / USD pair was trading around $ 32,000. The daily loss exceeding 5 percent has thus increased to around 2.5 percent.

A number of factors stand out among market participants that suggest a short-term profit making plan is being implemented. The bears seem to step in on Monday to prevent the bulls from increasing the price.

1-hour candlestick chart (Bitstamp) for the BTC / USD pair. Source: TradingView

Miners are probably selling BTC

The data show that miners have increased their sales this week. As Cointelegraph reported, last week’s price drop came after the largest pool, F2Pool, was selling massively for several days. However, this time smaller miners are also selling.

BTC sales made by small miners. Source: CryptoQuant

According to on-chain analytics source CryptoQuant, total miner sales this week decreased compared to last month, but still increased compared to recent months.

Total miner outputs table. Source: CryptoQuant

The amount of Bitcoin invested in exchanges has increased

Looking at the stock markets, it appears that traders seem worried about market power. Unlike the behavior when Bitcoin gained very rapid value at the beginning of the year, BTCs transferred to exchanges have increased in recent days.

On-chain monitoring source Glassnode According to statistics compiled by, it turns out that approximately $ 108 million more money was invested in major exchanges than the amount withdrawn on Monday.

Conversely, the supply of Ether (ETH), the largest altcoin on trading platforms, fell by $ 47 million, while Tether (USDT) increased by $ 65 million.

Removing coins from exchanges means that their owners have no intention of trading or selling them, but instead put them back into hot or cold storage wallets.

Cryptocurrencies are very active

There are more active Bitcoin addresses than ever before, and BTC assets are constantly moving in recent days.

Bitcoin Days Destroyed, which measures the amount of each transaction in the Bitcoin network and how long ago the relevant cryptocurrencies moved, fell to a three-month low as of this week.

Glassnode data also increased sharply in January. pointed to the decline and there was a trading frenzy as Bitcoin hit an all-time high of $ 42,000.

The 7-day moving average of the “Bitcoin Days Destroyed” indicator. Source: Glassnode / Twitter

Number of wallets as of January 8, which is the last data available Exceeded 1.24 million.

Greed decreased

Crypto Fear & Greed Index tablosu. Kaynak: Digital Assets Data

The Crypto Fear and Ambition index, after hitting record levels in the fourth quarter of 2020, returned to October levels but later rose to 71.

The index dropped from the “excessive greed” level to the relatively normal “ambition” level.

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