Bitcoin fell sharply early on Monday, having failed to establish a foothold above $40,000 over the weekend.
Over the last 24 hours, the cryptocurrency declined by more than $8,000 to $32,400, an over-20% fall from levels over $40,800 late on Sunday (UTC). The cryptocurrency was last seen changing hands up slightly near $35,380 – still down 13.6% on a 24-hour basis.
Prices reached a record high of $41,962 on Jan. 8 and ended the last week with 15% gains, its fourth-consecutive double-digit weekly gain, according to CoinDesk 20 data.
“Hefty spot selling against an over-levered market caused the price drop,” trader and analyst Alex Kruger told CoinDesk, adding that it is unclear whether it was miner selling or macro traders liquidating positions.
Data provided by South Korea-based analytics firm CryptoQuant suggests miner selling did contribute to the price drop.
The 30-day average of Miner’s Position Index (MPI) – the ratio of total miners’