After reaching three months 103,800 USD on Friday, May 9, the price of Bitcoins had a sluggish start to the weekend before she resumed its run in the direction of USD 014,000. While the most vital cryptocurrency still persists above USD 100,000, market participants seem to trust the coin to play fresh ups in the coming weeks.
Interestingly, Bitcoin miners, who became more and more reactionary than the fourth half in 2024, seem to renew trust in the price of BTC. The latest data in the chain show that miners have kept their assets in recent weeks, coinciding with the latest coin price rally.
Do Bitcoin miners prepare for an extended rally?
In the post of May 10 on X, alpraction cryptocurrency platform revealed That Bitcoin miners become less busy on the market, gathering their mining awards, instead of selling them for profit. The appropriate indicator here is the miner’s pressure record, which measures the power of the sale of Bitcoin miners in a given period.
This record compares total BTC outflows from miners in the last 30 days with an average number of coins in their reserves in the same period. Górnik sales pressure indicator provides valuable insight into the behavior and sentiment of the appropriate group of network participants.
On the distinguished chart, red color represents high sales pressure among these Bitcoin miners and is often correlated with the sluggish state of the market. On the other hand, the green color reflects the low pressure of Górnik’s sales, which can be a positive Bitcoin price sign.
Source: @Alphractal on X
As shown in the graph above, the miner sells a pressure indicator, enters the red territory, when the average miner’s pressure movement (blue line) passes over the upper band (red line) – signaling the intensive pressure of the bear from the miners. Meanwhile, Górnik’s pressure line passes under the lower band (green line), which suggests low sales pressure of miners.
According to the data provided by the Alpraktal, Górnik’s pressure line has recently passed under the lower band, which suggests that the network miners have been holding their coins in recent weeks. The analytical company in the chain added that this record has been at the lowest level since 2024, because miners seem to wait for the Bitcoin price to get fresh ups.
While the Bitcoin market has matured a bit, so that the sale of miners does not have such a vast impact on prices, the extended period of low pressure on the part of network participants may be naturally stubborn for the most vital cryptocurrency. However, the alpraction noted that the market may observe the renovated sales interest as prices in the coming weeks increases.
Bitcoin price at first glance
From this letter, the price of BTC is around 104,250 USD, which reflects the enhance by more than 1% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
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