NewsletterBitcoin (BTC) Miner Selling Hits 3 Year Record; Bullish Or Bearish?
Bitcoin (BTC) Miner Activity: The ongoing Bitcoin (BTC) rally is strongly supported with similar sentiments in the form of on chain indicators. The positive sentiment is so deeply playing out in the market that even the miners are reluctant to sell their BTC holdings. This could well be a massive bullish sign for potential upside movement in the coming weeks. This is even more important considering the upcoming Fed rate hike announcement from the February FOMC meeting.
Also Read: How Far Will Bitcoin (BTC) Rally In February If Fed Pivots Rate Hike?
The solid resistance to sell BTC from the miners could also be a strong signal for potential upside to the altcoins as well. The Fed’s FOMC is set to meet between January 31 and February 1, when the committee could likely raise the interest rate by 0.25%. This outcome could favor an upside move for Bitcoin (BTC) and altcoins as more traders might look to enter crypto positions to protect from inflation related losses. On the other side, the U.S. Dollar Index (DXY) is on a downward trajectory in recent times, in what could be supportive of BTC price rise.
Bitcoin Miner Sales Stoop Low
NEW: Selling pressure from #Bitcoin miners hit multi-year low. Bullish 🤑 pic.twitter.com/2H7lLaRhqP
— Bitcoin Archive (@BTC_Archive) January 24, 2023
The selling orders from Bitcoin miners is currently at its lowest level in the recent years. While the BTC transfer volume from miners to exchanges spiked after the FTX collapse in 2022, the volume is at its lowest range since 2020. This means the miner community is sure of a further BTC price rise and look to take profits. As of writing, BTC price stands at $22,888, almost from compared to the last 24 hours, according to price tracking platform CoinMarketCap.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Bitcoin Gains State Adoption as Texas Becomes First U.S. State to Purchase BTC
- Rate Cut Advocate Kevin Hassett Emerges as Trump’s Top Pick For Fed Chair
- Breaking: Crypto Platform Polymarket To Operate As A U.S. Exchange as CFTC Issues Key Order
- SEC Panel to Discuss Regulatory Changes for Tokenized Equities on Dec. 4
- December Fed Rate Cut Odds Surge To 85% Following PPI Release
- Monad Price Prediction Amid Mainnet Debut — Is a Bigger Breakout Ahead?
- Chainlink Price Could Soar to $15 as ETF Listing Nears
- Will Cardano Price Rebound as Hoskinson Hints at a TVL Surge After Midnight Launch?
- Ethereum Price Holds $2,900 Amid Massive ETF Inflows and BlackRock Purchase
- Sui Price Surges 12%: Could This Mark the Start of a Bullish Trend?
- Is Bitcoin Price Set for Major Recovery as December Rate Cut Chances Hit 80.9%?
