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Are Miners Responsible For The Latest Crypto Market Selloff?

In early 2020, Bitcoin and other cryptocurrencies went on strong rallies from lows set in the year prior.

All signs had been pointing to a new uptrend forming. Indicators had been supporting the incredibly bullish sentiment and price action.

Bitcoin price began to cool off after a visit above $10,000, but then the black swan impact of the pandemic struck financial markets, and all bullish price action leading up to the high was erased in under 48 hours.
The carnage is now referred to as Black Thursday.

From the extreme panic low, Bitcoin price has grown over 140% and revisited above $10,000 numerous times.
Each time it’s pushed above the powerful resistance level, it has led to a strong rejection, the last of which, data indicates may have been driven by Bitcoin miners.