Bitcoin Bearish Signals Go Off Despite Recovery Above $44k, Dead Cat’s Bounce?

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Bitcoin observes a few different bearish signals going off despite strong recovery above $44k, could it be a dead cat’s bounce?

On-Chain Data Shows Bitcoin Miners Have Started Selling, Funding Rates Have Turned Negative

 

As explained by a CryptoQuant post, a bunch of bearish Bitcoin signals have gone off despite some fresh movement up.

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First, the miners reserve has started to decline. This indicator shows the total number of coins that miners are holding in their wallets.

A downtrend in the metric’s value suggests miners have started sending their Bitcoin to exchanges for selling purposes.

Second is the Long-Term Holder SOPR (LTHSOPR) that shows the degree of realized profits and loss for those coins that haven’t moved on the chain since at least 155 days (which means these coins belong to long-term holders).

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This metric has also been showing low values, implying these long-term holders are more likely to sell their coins right now.

Here is a chart showing the trend in both these indicators for Bitcoin:

The BTC miners reserve and the LTH SOPR…

Source

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