Why BTC is poised to go down
Updated
Last weeks miners have been accumulating bitcoins and only some of them were sold when prices recently reach 9700$. Two days ago miners started to accumulate bitcoins again. When will they sell some of them? As soon as they see higher prices. As a consequence, there is strong sell pressure waiting for short-time higher prices and this process will soften and even hinder any potential rally.
Note
Miners have just started to sell bitcoins again after several days of stockpiling. They now sell more than what they mine (100,6%), thus slightly reducing its stock. This means they think that current BTC price is a high short-term (several weeks) price. Necessarily, at least some of them expect a short-time downturn, hence the selloff.
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