📉 Bitcoin Miners Sell As $BTC Hits $123K – Is a Pullback Coming?
Bitcoin is consolidating just below its new all-time high of ~$123,000, currently holding around $115,000. While the broader trend remains bullish, miner behavior is raising red flags for short-term traders.
📊 Key Data:
On July 15, miner outflows surged to 16,000 $BTC — the highest single-day total since April.
Exchange inflows jumped from 19K to 81K BTC, signaling active selling from miners and whales.
Most BTC was sent directly to exchanges, indicating an intention to sell, not just move funds.
⏳ Why It Matters: Heavy selling from miners has historically preceded short-term corrections or volatility. While long-term holders and macro demand remain strong, the market may see a healthy cooldown before its next leg higher.
🧭 Current $BTC Price Action:
Price range: $115,730 – $123,230
Support: $115K (Watch for a breakdown)
Resistance: $123K (Breakout could signal new highs)
50-day SMA at $108,796 still supports bullish structure
🚨 Watch Closely:
This consolidation zone could either lead to a deeper correction or set up a renewed breakout — depending on how miners, whales, and volume respond next.