The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

The price of BTC fell 3% as on-chain data showed that miners began to sell BTC on exchanges again. On September 13, the price of Bitcoin (BTC) on Coinbase fell from $10,580 to $10,258. Before the 3% drop in 9 hours, on-chain data showed that miners may be selling BTC.

Miners continue to create high selling pressure on BTC

On-chain analysts said that the amount of BTC sold by miners in the past week was relatively large, and miners are one of the two largest sources of selling pressure in the cryptocurrency market in addition to exchanges. Therefore, when miners move their mined Bitcoin, it may cause huge selling pressure.

Cointelegraph reported on September 3 about the transfer of BTC funds from major mining pools. Ki Young-Ju, CEO of the analysis company, said:

"From what I know, some Chinese miners have realized their mining profitability (return on investment), and they may not want new mining competitors to join the industry because of the bull market."

Meanwhile, according to data from Glassnode, the funds transferred by miners to exchanges have just reached a five-month high. The last spike in this indicator was in mid-August, when BTC reached its 2020 high of $12,000, followed by an immediate pullback to $10,000.

Bitcoin Miner Flows to Exchanges Source: Glassnode

Regular sell-offs allow miners to pay for large mining centers. Glassnode said: "Bitcoin miner inflows to exchanges (1d MA) just hit a five-month high of 50.351 BTC. The previous five-month high of 44.479 BTC was on August 14, 2020."

If BTC's price quickly pulls back from miners' selling, it would indicate that there is enough demand for trading from retail investors. However, if BTC's price continues to fall, it would indicate that there is not enough demand to absorb the selling pressure.

Traders' view on BTC in the short term

In the short term, despite BTC's rejection in the $10,500 area, traders are generally cautiously optimistic, saying that such a major resistance level is unlikely to be broken on the first attempt. Given its historical importance, the resistance level is also likely to be slightly rejected.

A trader named “Byzantine
General” said that after the initial BTC rally to $10,500, a large number of short contracts were liquidated. The trader said that he expects a rebound or a small drop to $10,100 in the short term, explaining: “Like usual, the liquidity level is here. When you lose liquidity, the price drops. We just added liquidity. I can see the price of BTC recovering from now on, otherwise BTC may fall further to $10,100.”

BTC price chart showing liquidation levels Source: Byzantine General

Another popular cryptocurrency trader, Scott Melker, said that the $10,500 area is a major resistance level for BTC.

Given the importance of the resistance level, he believes that a major correction is unlikely. Melker said: “Don’t think that major resistance levels will be broken on the first test. Also, don’t think that the first rejection will lead to a plunge.”

Meanwhile, trader Michael van de
Poppe also pointed out in his latest Bitcoin price technical analysis that this price level is an important hurdle to break in the short term. He explained that for the bull trend to continue, the previous resistance level must be tested and confirmed as the new support level before it can continue higher.

“On the upside, if the price of BTC breaks above $10,450, a potential key pivot point would be between $10,900-11,000,” Van de Poppe added.