Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Miner Selling Pressure Lets Off: Stage Set For Fresh Rally?

Share This Post

On-chain data shows the Bitcoin miners have stopped their selloff recently, a sign that could be bullish for the cryptocurrency’s price.

Bitcoin Miner Reserve Has Taken To Sideways Movement Recently

As an analyst in a CryptoQuant Quicktake post pointed out, miner selling pressure has dropped off recently. The indicator of interest here is the “Miner Reserve,” which keeps track of the total amount of Bitcoin the miners are carrying in their wallets.

When the value of this metric observes a decrease, miners make net withdrawals from their addresses. Miners generally transfer out their coins whenever they want to sell, so this trend can have potential bearish consequences for the asset.

On the other hand, the indicator going up implies the miners are receiving a net number of coins into their balance. Such accumulation from these chain validators can naturally be a bullish sign in the long term.

Now, here is a chart that shows the trend in the Bitcoin Miner Reserve over the past year or so:

Bitcoin Miner Reserve

As is visible in the above graph, the Bitcoin Miner Reserve had been on a downtrend since the start of the year, but around the end of July, the indicator finally changed its trajectory.

However, the switch hasn’t been to the upside yet, as the metric has only been moving sideways. Nonetheless, it still suggests a break from the constant selling miners had been participating in for most of the year.

Historically, miners have been a cohort on the Bitcoin network that has participated in regular selloffs, as they need to pay their running costs, like electricity bills, somehow.

Thus, it’s usually not shocking when the miner reserve goes down, and most of the time, the market readily absorbs what selling they do. However, such as recently witnessed, constant selling pressure can hinder the asset.

Initially, the selling didn’t affect Bitcoin as there was plenty of demand coming into the market through the newly introduced spot exchange-traded funds (ETFs), and BTC was able to rally towards a new all-time high (ATH).

However, Demand paused following the ATH while miners continued to apply their selling pressure. This may be why BTC has slumped to a consolidation phase since then.

As these chain validators appear to have finished their net selling recently, it’s possible that Bitcoin could have an easier time amassing bullish momentum together.

That said, it remains to be seen if the sideways trajectory in the miner reserve will continue or if miners will pounce on another profitable opportunity to sell if BTC starts a rally.

BTC Price

Bitcoin has continued its sideways trajectory recently as its price still trades around $58,200.

Bitcoin Price Chart

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Golden Cross In Play – Analyst Reveals Best Course Of Action

Bitcoin’s price action in the past 24 hours has been nothing short of remarkable After consolidating for several days in a tightening range, the market broke past the $105,503 

U.S. SEC Delays Decision-Making on More Crypto ETFs Led by XRP and Litecoin

The post US SEC Delays Decision-Making on More Crypto ETFs Led by XRP and Litecoin appeared first on Coinpedia Fintech News The US SEC has been collecting legal views on the already filed spot crypto

Study: US Leads Global Bitcoin Ownership With 14.3% Adoption Rate

A new research report by River reveals that nearly 50 million Americans, or 143% of the population, own bitcoin, the highest ownership rate of any geographical region Additionally, the report

XRP Ledger Breaks Ground With Its First MiCA-Regulated Euro Stablecoin

Schuman Financial’s EURØP today became the first euro-denominated stablecoin that both satisfies the European Union’s new Markets in Crypto-Assets (MiCA) regime and lives natively on the XRP

Solana memecoin average daily volume surges 46% in May, echoing Bitcoin’s recovery

Memecoin trading activity on Solana is tracking Bitcoin’s recovery, with the average daily trading volume rising 46% between April and May According to Blockworks data, monthly trading volume

Wordcoin (WLD) Price Forecast: Bullish Breakout Confirmed After a $135M Fundraise

The post Wordcoin (WLD) Price Forecast: Bullish Breakout Confirmed After a $135M Fundraise appeared first on Coinpedia Fintech News The World App has grown to more than 26 million users from