Last week, Bitcoin hovered around $107,000, and everyone is focused on one question: Can it break through the $110,000 mark? Or will it deeply correct? This is not an ordinary 'rise and fall,' there are many 'insider stories' worth discussing behind it, especially the attitudes of miners, which is quite interesting, let's take our time to talk about it~

Weekend market: Trading is sluggish, liquidity is frighteningly low 🛌

Let’s address a reality: On the weekend, the on-chain transaction volume was super low; in the past 24 hours, the on-chain circulation of Bitcoin was only over 20,000 coins, which is a liquidity level that makes people uneasy. Most holders simply don’t want to move, and the market atmosphere feels like it’s asleep.

Without sufficient liquidity, support levels are naturally weak. Next week's economic data (especially unemployment rates) will be critical, and everyone is watching this 'market barometer'.

BTC hits the 110,000 mark: Opportunity or trap? 🚀🤷‍♂️

Bitcoin was reported at $108,460, up 1.08% in 24 hours.

It seems they are trying hard to stabilize $108,000 as new support. However—

  • Whales are still selling coins, retail investors and long-term holders (LTH) are also starting to move, making the support line very unstable.

  • If it can't hold, it might quickly drop to $105,622, or even back to the key level of $102,734.

The market is at a crossroads:

  • If institutional buying can withstand whale selling pressure and break through the $109,476 resistance, the $110,000 mark is not far away, possibly completely breaking the bearish expectations!

  • Conversely, if pessimistic sentiment spreads and long-term holders waver, it could trigger a chain sell-off, leading to a deep adjustment.

Miners are facing the lowest point in 12 years, why are they not selling coins? ⛏️💔

This part is more exciting. Miners are the 'backbone' of the Bitcoin network, but they are currently experiencing the toughest times in 12 years.

Why?

Generally speaking, when miners face pressure, they will sell their coins to supplement cash flow. But the situation is different now.

According to CryptoQuant data, the number of Bitcoins sent to exchanges for sale by miners fell to a monthly low at the end of June, with only 795 Bitcoins.

In other words—

Although it’s hard to make money, miners are still determined to 'hold the coin and not cut,' betting on future market movements.

Why do miners still dare to hold on?

In fact, they are not completely without income. Although miners' earnings have shrunk, they are still about 20% higher than the historical average (Puell Multiple is about 1.2), which can basically guarantee daily operations.

They might be gambling:

"The market will improve, selling means a loss."

The persistence of miners also sends a signal to the market: reduced selling pressure will alleviate the downward pressure on BTC prices.

How do we see the future? Rise or fall? ⚖️

If miners continue to hold their ground and not sell, market pressure will ease, and Bitcoin is more likely to break through the sideways range, rushing towards $109,000 or even $110,000.

But if miners suddenly feel they can't hold on anymore and start selling off, the price of Bitcoin could plummet quickly, and a pullback to $104,000 is not impossible.

Summary Tips 📌

  • Low weekend liquidity, weak market, everyone is waiting for key data.

  • BTC is in a 'tug of war' with important resistance lines, with both bulls and bears being very intense.

  • Although miners are at a low point, they insist on not selling, supporting the market's foundation.

  • The next market movement depends on the actions of miners and institutions, as well as overall market sentiment.

The crypto space is never short of excitement, remember not to follow the trend blindly; understanding market 'signals' is the key to being a long-term winner! 🚀✨

✍️ DYOR, manage risk well, and may all of you set sail in the crypto world! 🌊

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