Bitcoin Price Slips Below $84k Amid Miners' Sell Pressure
Bitcoin's recent price rally above $87,000 has stalled, and it is now below $84,000. The cryptocurrency retreated from its high after failing to sustain the momentum. Several market indicators weakened, but none can independently explain the entire decline.
A key factor behind the pullback was the increased sell pressure from miners. They have been cashing out at higher prices, which has led to a sharp spike in miner-to-exchange flows. This is a trend typically observed when miners wait for higher profits before selling their Bitcoin.
Another reason for the decline was the drop in institutional demand. Bitcoin ETFs acquired over $2 billion worth of BTC in the first half of the week, but the daily inflows have since cooled down. The ETFs saw only $346.9 million in inflows on Wednesday, which is a fraction of the levels observed earlier.