Bitcoin Price Retreats Amid Wall Street Sell-Off and Miner Activity

Bitcoin’s price has retreated nearly 3% after previously surging 9%. This dip coincides with cautious earnings reports from major banks and profit-taking by large holders. Meanwhile, Bitcoin miners are increasing sales, signalling a bearish market phase. Despite a neutral RSI, a positive MACD suggests potential bullish momentum. New wallets like Best Wallet are emerging in the market, offering incentives for token holders.

Bitcoin’s price has declined nearly 3% in the past 24 hours, reaching a daily high of $86,429.35 before retreating. This drop occurred despite a strong weekly performance, with Bitcoin having surged approximately 9%. The downturn aligns with cautious quarterly earnings reports from Citigroup and Bank of America, both expressing concerns about the US economic outlook.

Brian Moynihan, CEO of Bank of America, highlighted uncertainty related to Donald Trump’s tariffs and policies, indicating potential challenges for economic growth. Additionally, significant selling pressure emerged as large Bitcoin holders, known as whales, capitalised on recent price gains by offloading over 29,000 BTC since April 9.

Analyst Ali Martinez noted that whales have been actively taking profits during the rally. Simultaneously, CryptoQuant data revealed that Bitcoin miners increased their selling activity, with short-term holders sending around 930 BTC per day to exchanges, particularly when Bitcoin’s price fell below $80,000. A substantial 15,000 BTC was sold on April 7 alone.

CryptoQuant indicated that miner operating margins dropped from 53% in late January to 33%, suggesting Bitcoin’s most bearish phase since November 2022. Bitcoin’s Relative Strength Index (RSI) is currently at 50.21, indicating a neutral market stance, with investors awaiting clear directional momentum amid indecision between bulls and bears.

Despite this, the MACD shows potential for early bullish momentum, as the MACD line remains above the signal line. If price actions stay above a critical neckline in forming technical patterns, it may signal a trend reversal. A move above $86,000 would also suggest a possible breakout.

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