Bitcoin Miners Panic: Will BTC Dive to $83K Again?

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After being spurned at $93,000, Bitcoin, that fickle lover, descended into a pit of despair, reaching a low of $83,000, only to find a flicker of hope. 😢💸

At press time, BTC was trading at $86,564-a modest 0.7% rise on daily charts, yet a 1.06% descent on weekly ones. A tale of two timelines, much like a Chekhovian character torn between duty and desire. 🕒

Amid this chaos, large entities-like a pack of wolves-emerge to close positions, their motives as opaque as a Moscow winter. 🐺

A Satoshi-era Bitcoin miner moves 50 BTC

According to Onchain Lens, a wallet from the Satoshi era, long dormant, stirred itself to move 50 BTC-$4.33 million-into five new wallets. A whale, long dormant, stirs from its slumber, sending 50 BTC into the void, a gesture as enigmatic as a Russian novel. 🐟

Usually, when such wallets move, it’s either to sell and flee, or to reorganize-like a man finally deciding to tidy his apartment after a decade of chaos. 🧹

If sold, it will add to the already pressured market, though the amount is as insignificant as a drop in the ocean. 🌊

The other reason? Upgrading security, as if the wallet were a fortress needing a new roof. 🏰

Bitcoin miners capitulating amid prolonged downtrend

With BTC in a prolonged dip, miner revenue has plummeted, as evidenced by the Puell Multiple. According to Checkonchain, this metric has dipped to 0.7-a number so low it could make a monk weep. 🧘

At such low levels, it suggests that miner revenue is 30% below its long-term mean, driving them to seek revenue from elsewhere-like a man selling his soul for a loaf of bread. 🍞

As a result, miners have turned to aggressive selling. On the 1st of December, as BTC fell back towards $83k, most miners panicked and sold 8.3k BTC. When miners turn to aggressive selling, it signals increased financial pressure, especially as BTC prices decline. 🧟

Historically, such activity has preceded lower prices, especially when it coincides with thin market liquidity-a recipe for disaster. 🧨

A rebound or more losses ahead for BTC?

According to AMBCrypto, Bitcoin is under intense downward pressure from across market players, including miners. As a result, BTC has fallen below the 20, 50, 100, and 200-day Moving Averages, signaling strong bearish control in the market. 🐍

At the same time, the DMI Index has remained largely negative, signaling strong downward momentum. A veritable symphony of despair. 🎶

These market conditions, combined, leave BTC vulnerable to further losses. Thus, selling pressure persists, and BTC could drop to the $83k support level again. A loop of doom, much like a tragic play. 🎭

To reignite the upward momentum and signal trend reversal, BTC needs a daily close above its EMA20 at $91,582. A close here will incentivize bulls to target EMA50 at $98,725. A glimmer of hope, though fleeting. 🌟

Final Thoughts

  • Sustained miner selling and bearish technical signals suggest Bitcoin remains vulnerable to retesting the $83k support. A cruel joke, if you will. 😈
  • A decisive daily close above EMA20 at $91,582 could mark the start of a potential bullish reversal. Or it could be a mirage. 🌫️

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2025-12-02 21:42