Bitcoin Price Declines Below $96K Amid Increased Selling Pressure

Riot Platforms sold $38.8 million in Bitcoin in April, reflecting a trend among miners liquidating holdings amid operational pressures from the upcoming April 2024 halving. Key points include:

Riot's Bitcoin production decreased by 13% from March.
On April 7, 15,000 BTC was sent to exchanges, marking a significant miner sell-off.
Analyst Ali Martinez identified a sell signal for Bitcoin on the 3-day chart.
The Coinbase Premium Gap is at -5.07, indicating increased selling pressure from US investors.

If this gap remains negative, short-term risks may rise due to miner outflows.

BTC Price Outlook

Bitcoin is currently priced around $94,400, following a peak of $97,600 last week. The RSI is at 60, suggesting bullish momentum but potential loss of strength. Key price levels include:

Immediate support near $92,000.
Possible resistance around $96,800.
A pullback could occur towards the middle band (20-day SMA) near $92,370.

The MACD histogram shows signs of fading, hinting at a potential bearish crossover soon.