Cryptocurrency analyst Charles Edwards stated that Bitcoin (BTC) miners are generating extraordinary selling pressure.
“Bitcoin miners are selling Bitcoin at a rate not seen since the $19,000 level. This usually happens for two reasons: either they need cash (which isn't the case today), or they're profitable and anticipating a decline. But every time this has happened in the past, the price has been higher a month later,” Edwards said.
Meanwhile, analyst Joao Wedson highlighted a critical support level for Bitcoin. “If BTC falls below $110,400, we could see fear and wild swings in the crypto market next week,” Wedson said.
Wedson also painted a positive picture for Dogecoin (DOGE). According to on-chain data, short-term investor demand is trending upward. Wedson stated, “In the past, Dogecoin has experienced strong bull rallies whenever this metric has risen. This indicator has been rising again in recent weeks, and if the trend continues, it could present a promising picture for memecoins.”
*This is not investment advice.
