Bitcoin mining status – No more selling? Here’s what that means and doesn’t mean
What caused Bitcoin miners' reserves to increase recently?
Bitcoin miners' reserves have increased recently due to a decline in selling pressure from miners after the fourth BTC halving. Mining rewards decreased, causing miners to sell Bitcoin in OTC transactions to cover operation costs. However, this trend changed as the quantity of bitcoins miners sent from their wallets decreased, allowing reserves to rise.
How did BTC's price trend in the past weeks?
In the past weeks, BTC's price experienced a decline, with a 5% drop over the last seven days. At the time of writing, BTC was trading at $60,920.48, with a market capitalization of over $1.19 trillion. Despite some bearish indicators like the Chaikin Money Flow and MACD, the Relative Strength Index showed bullish signs, potentially leading to a price rebound in the coming days.
What does the rise in miners' BTC reserves indicate?
The rise in miners' BTC reserves indicates that miners are holding onto their Bitcoin instead of selling, possibly waiting for a price rally. This decline in selling pressure from miners could lead to a situation where BTC may regain bullish momentum, potentially initiating a price surge.