💫🌟 Why Bitcoin Miners Might Hold the Key to BTC’s Next Breakout
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Bitcoin miners' behavior signals confidence in a potential price breakout, holding more BTC than selling. The BTC miner reserve continues to rise, reaching 1.8 million coins, suggesting bullish sentiment among miners. BTC faces resistance at $106,548, but if miners hold, a rally to $109,000 is possible; otherwise, a dip below $100,000 could occur.
⚡️Quick Take:
According to CryptoQuant, miners on the Bitcoin network continue to hold tightly to their coins amid BTC’s sideways price movement. This is evident in the rising BTC miner reserve, which indicates that fewer coins are being sent to exchanges for liquidation. BTC’s Miner to Exchange Flow which measures the total amount of coins sent from miner wallets to exchanges has dipped. Observed on a 14 day small moving average, it has dropped 14% over the past seven days. When BTC’s Miner to Exchange Flow drops like this, it suggests that miners are not selling their coins. This reduced selling pressure can help stabilize BTC’s price and trigger a sustained rally.