Bitdeer Sells All Mined Bitcoin for 14th Consecutive Week

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Continuous Bitcoin Sell-off: Bitdeer has reportedly sold 100% of its mined Bitcoin for 14 consecutive weeks, resulting in a zero BTC balance sheet, a strategy that may reflect the company's cautious stance amid market volatility.
Liquidity Management Strategy: By liquidating its entire weekly mining output, Bitdeer eliminates direct exposure to Bitcoin price fluctuations, enhancing cash flow predictability, but sacrificing potential upside from price appreciation.
Divergent Market Perspectives: This approach starkly contrasts with other mining firms like Strategy, which recently acquired 411 BTC to bolster its corporate treasury, illustrating the varying convictions among mining companies regarding Bitcoin.
Future Outlook: Upcoming weekly updates will reveal whether Bitdeer will extend its sell-off streak or begin re-accumulating Bitcoin, with any shift back to retention potentially signaling increased confidence in near-term price performance.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	66944.391	69728.44	72631.901	75415.95	78319.411	81103.46	84006.921
Fibonacci	69728.44	71901.069	73243.322	75415.95	77588.579	78930.832	81103.46

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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