Bitcoin miners sell 6,000 BTC to capitalize on the temporary increase

Despite the number of digital assets on the cryptocurrency market trading in the red once again, the short rise earlier in the week has prompted many Bitcoin (BTC) miners to take advantage of the chance to profit.

Taking into consideration the current price of Bitcoin, which was $21,949 as of press time, the quantity of the flagship token sold by miners is presently valued at more than $130 million.

Meanwhile, data indicates that publicly listed Bitcoin mining businesses sold 6,500 of their holdings in July, which is 60% fewer than the 14,600 they sold in June in order to keep their operations running.

The latest increase in miner selling coincides with the modest two-month-old price upswing that was recorded on August 15, despite a short-term price drop that cryptocurrency trading expert Michal van de Poppe did not see as serious at the time.

Cloudy with a possibility of bears

Bitcoin was unable to retain its two-month bullish momentum as $70 billion departed the whole crypto market value in a single day and the first currency lost $30 billion, indicating that the bulls were already losing steam.

This event has prompted negative forecasts, such as those of technical expert Kevin Wadsworth said that Bitcoin was expected to correct further and reach $10,000.

According to CoinMarketCap statistics, Bitcoin was trading at $21,949 at press time, a decrease of 6.25 percent on the day and 8.41 percent over the preceding seven days. The market capitalization of the top cryptocurrency is at present $419.78 billion.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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