Bitcoin price struggles to show a strong upside move as traders anticipate more BTC price fall due to miner capitulation and selloffs by whales. However, on-chain data indicates a sharp fall in selloffs by miners and whales.
The Bitcoin price currently trades near $17,000. The U.S. PCE data for November comes in at 5.5%, which fell from 6.1% in October. As a result, the BTC price falls slightly with respect to volatility in the U.S. Dollar Index (DXY).
Bitcoin Price To Rally Above $17,000 Before the New Year 2023?
According to on-chain data, the Bitcoin Miner to Exchange Transactions for All Miners and All Exchanges metric indicates a fall in selling pressure from miners. While miners have sold their Bitcoin (BTC) holdings to recover from financial constraints, miners are trying to hold onto their Bitcoin holdings.
Moreover, miners’ transactions to crypto exchanges have continued to drop since the start of the year. Interestingly, the transactions were more when the price was conside
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