Three Factors Keeping Bitcoin Down

Krutika Adani

CryptoQuant Reveals Bearish Factors

Top crypto research firm CryptoQuant has revealed the following bearish factors that have recently kept the market pinned down.

Increased Miner Sales

After the fourth Bitcoin Halving, miners were forced to sell their previously accumulated Bitcoins to cover operations and realize their mining profits.

Post-Halving Stablecoin Shortage

At the same time, there was a stablecoin shortage among top wallets, which indicated a lack of buying appetite.

Investor Withdrawals from Spot Bitcoin ETFs

Investor withdrawals have forced the spot Bitcoin ETFs to sell Bitcoin, further putting pressure on its price.

On the Positive Side

Despite all this, the current scenario presents an opportunity to buy Bitcoin before it enters its parabolic rally by late 2024, as several experts predicted.