Bitcoin faces new fall ahead of Chinese New Year
On the eve of the Chinese New Year, the Asian market usually sees a massive sell-off in cryptocurrency. Therefore, most likely, in the near future, Bitcoin will start losing ground again, according to a report from the investment company Stack Funds.
The day before, BTC had already fallen in price below $ 30,000. Then the coin was able to recoup, now it is trading slightly above $ 32,976. Bitcoin's capitalization exceeds $ 612 billion.
The pressure on the leading digital currency and other coins will be strengthened, first of all, by Chinese miners. They usually dump some of the mined cryptocurrency in order to get cash before the week's vacation.
More than 60% of mining pools are concentrated in China. According to Stack Funds analyst Lennard Neo, the miners really "woke up".
The Pools Activity Index (MPI) rose to its highest level since 2019. Neo suggests that we are currently seeing preparation for sales. However, he did not dare to name the approximate timing of the transition of miners to the implementation of the cryptocurrency.
The 12th of February is the Chinese New Year. This is one of the largest holidays not only in the Middle Kingdom, but also in other countries of the Asian region.