Miner Position Index Reaches Highest Level Since June 2021: Selling Pressure on the Horizon
In the world of cryptocurrency, fluctuations in the market are a common occurrence, and investors often look to indicators such as moving averages to track trends and make predictions. Recently, a report by CryptoQuant revealed that the MPI 30 D moving average had reached its highest value since June 2021, indicating that miners are preparing to sell their holdings.
While the selling pressure from miners may not happen immediately, the fact that they are ready to sell is a significant development that could affect the market in the coming weeks or months. The MPI, or Miner Position Index, is a metric used to measure the behavior of Bitcoin miners, and a high reading suggests that they are more likely to sell than hold onto their coins.
Another metric analyzed by CryptoQuant is the Binary CDD, or Coin Days Destroyed, which tracks the movement of long-term investors in the market. If the Binary CDD breaks out, it could signal an uptrend in either Cycle 1 or Cycle 2, indicating a potentially positive outlook for the market.
However, the resistance zone has already been reached, which raises the question of whether or not this breakout will actually happen. Investors will need to monitor the market closely to see if the Binary CDD does break out and what impact it may have on the overall market.
Overall, the recent report by CryptoQuant suggests that miners are preparing to sell their holdings, which could lead to a shift in the market in the coming months. Investors should keep an eye on the Binary CDD to see if a breakout occurs and what impact it may have on the market’s future performance.
- Bitcoin Dominance Hits Highest Level In Nearly Two Years
- Santiment Report Suggests Massive Transactions May Have Pushed Bitcoin To $30K