Bitcoin Nears ATH As Miners Hold Back On Selling—Bullish Signals Flashing
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Este artículo también está disponible en español. Bitcoin has managed to maintain its footing above the $75,000 price mark following a new all-time high (ATH) of $76,872 recorded yesterday. At present, the cryptocurrency is trading at $76,587, reflecting a modest 0.9% dip from its peak while still marking a 1.7% daily increase. This stability signals resilience and has fuelled speculation regarding Bitcoin’s next price move. Related Reading Bitcoin Miners Hold Back On Selling, Why? As Bitcoin currently trades above $76,000, a CryptoQuant analyst identified as theKriptolik has pointed out a notable trend among Bitcoin miners. According to theKriptolik, miners are refraining from selling their BTC holdings, even with the asset trading near its ATH, as they believe the current valuation remains undervalued. The analyst highlighted that miners typically transfer BTC to exchanges and sell it when prices approach an ATH, partly to cover their operational expenses. However, this behaviour has not been observed recently, signifying a potential belief in further price gains. Bitcoin miner outflow. | Source: CryptoQuant TheKriptolik elaborated on this behaviour by referencing miner activity on October 29, when a substantial inflow of BTC to exchanges occurred, resulting in a sale of the holdings with no corresponding outflows. This lack of recent exchange-bound transfers indicates miners’ confidence in Bitcoin’s ongoing upward momentum. Historically, miner behaviour has served as a key indicator of market sentiment, with sales often coinciding with market tops. BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com Optimism Among Analysts And Technical Signals The positive sentiment among miners is mirrored by other market analysts, who have offered bullish forecasts for Bitcoin’s price trajectory. Javon Marks, a prominent crypto analyst, noted that Bitcoin’s ability to maintain a stronghold above a critical $67,559 level sets the stage for further upward movement. According to…
Filed under: News - @ November 9, 2024 11:18 am