Bitcoin miners are hitting the brakes on selling. As prices rise and production costs soar, they’re choosing to hold onto their BTC rather than selling at unprofitable margins. Meanwhile, retail investors are returning, adding fresh buying pressure. Bitcoin is now approaching a key resistance zone — and if it breaks above $105,800, it could be on the way to retesting its all-time high near $109,000.

⛏️ Miners Switch to Accumulation Mode – a Bullish Signal

Data from Glassnode shows a clear behavioral shift: for the first time since late 2023, Bitcoin miners are increasing their reserves. Between April 12 and May 13, their holdings rose by 2,708 BTC, reaching a total of 1,797,330 BTC. This shift happened just as Bitcoin rebounded from a local low below $75,000.

💸 Mining Costs Skyrocket – Up to $200K per BTC in Germany

What’s driving this shift? Exploding mining costs. According to PCGamer, the average cost to mine one Bitcoin for major publicly traded miners now exceeds $82,000 — nearly double the previous quarter.

Smaller operations face even worse conditions, with some spending as much as $137,000 per BTC. With Bitcoin trading around $103,000, many are simply holding onto their coins instead of selling at a loss. In Germany, due to high energy prices and regulation, production costs can soar up to $200,000 per coin — making mining unsustainable in that region.

👥 Retail Investors Return, Pushing Momentum Higher

Alongside miner accumulation, there’s a clear uptick in activity from small investors. According to CryptoQuant, its 30-day retail demand metric turned positive on April 28, and continued to rise 3.4% by May 13.

Analysts believe this was triggered by Bitcoin's rally past $100,000 in early May. In April, BTC had seen a multi-month low, leading many to assume the previous bull run was over.

But as retail investors return, bullish momentum is building beyond institutional players and whales.

“Retail traders may react later to trends,” said analyst Carmelo Alemán, “but their entry helps amplify bullish sentiment and accelerate price action.”

📈 Technical Setup: A Breakout Looks Imminent

On the 4-hour chart, Bitcoin is forming an ascending triangle — a pattern that often precedes strong upward moves. BTC is currently trading around $103,781, and is pressing against a critical resistance level at $105,800.

The coin has faced multiple rejections at this zone, but bullish momentum appears to be strengthening. A successful breakout could pave the way toward a retest of the all-time high near $109,935.

🧠 Summary:

🔹 Bitcoin miners have stopped selling and are accumulating BTC

🔹 Mining costs have surged — up to $200K per BTC in Germany

🔹 Retail investors are returning, adding buying pressure

🔹 Technical pattern shows potential breakout above $105,800

🔹 Next target: all-time high near $109,935

#BTC , #Bitcoinmining , #CryptoNewss , #CryptoMarket , #BitcoinMiners

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