In the past week, many of the wallets of miners who have been dormant since Satoshi’s time have moved significant amounts of Bitcoin (BTC). Generally, when miners sell their Bitcoin, especially in huge chunks, it can create selling pressure leading to a drop in price. However, despite the recent miner selling activity, BTC is up over 7% to a high of $64,043 on Friday.

Bitcoin Mining Sales Remain Price Neutral as 100-Day EMA Hits Yearly Low

On Friday, five wallet addresses were last energetic in the Satoshi era, the earliest days after Bitcoin’s creation, moved a total of 250 BTC, valued at $15.9 million for novel wallets. Each of these wallets received 50 BTC as a reward for mining a block in 2009.

While these sudden Bitcoin transactions have sparked much speculation in the cryptocurrency community, they have not had a significant impact on Bitcoin’s positive price trajectory. Commenting on the development, a CryptoQuant analyst with the username Darkfost explains that the recent surge in capital outflows by early miners has had a neutral impact on prices due to the steadily falling 100-day EMA.

In this context, the 100-day exponential moving average helps measure the average selling activity of early miners over the past 100 days and can be used to identify trends and detect price momentum. According to data from CryptoQuant, Darkfast highlights that the latest selling activity of early BTC miners has not changed the path of this 100-EMA metric, which is currently at its yearly low.

As such, these outflows, while significant, are not capable of generating significant selling pressure that could impact the BTC price now or in the medium term.

BTC up 124% despite feeble mining rates

In other news, Bitcoin has achieved great price performance amid feeble miner fundamentals. According to Bitcoin ChainCheck Report According to asset manager VanEck, the leading cryptocurrency has gained 124% year-on-year (YTD), increasing its market dominance to around 56%.

However, as VanEck explains, during this period, the Bitcoin hash rate, which measures the revenue miners earn per unit of computing power used to mine BTC, fell by 97%, indicating low miner profitability and increased mining difficulty.

At the time of writing, BTC is trading at $63,146, up 0.23% in the past 24 hours. However, the daily trading volume is down 59.99% and currently stands at $14.1 billion. On the daily chart, Bitcoin is facing resistance near $64,000. A decisive break above this level could pave the way for a rally towards the $70,000 range. On the other hand, insufficient buying pressure could see the price fall to the $54,000 level.