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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin miners stop selling, why it is bullish for BTC?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Litecoin LTC LTCUSDT

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Bitcoin is wobbling in a critical support zone. New indicators are bullish and point to a continuation in the rally.

Moskovski Capital CIO Lex Moskovski shared data from Glassnode showing that a trend in Bitcoin miners has reversed. Since the beginning of March, this sector began to increase its level of Bitcoin sales.

According to the chart shown by Moskovski, when miners’ BTC selling levels have risen, Bitcoin has moved sideways. The December 28 rally was preceded by high BTC buying by this sector. Although buying levels still remain low, Moskovski said:

Miners have stopped selling and began accumulating once again, on average. It seems they expect the price to go higher.

Bitcoin supply on exchanges continues to decrease

A change in miner sentiment coincides with an increase in the amount of Bitcoin that has left exchanges. Moskovski also records 9,077 BTC pulled from Coinbase’s platform. Analyst Willy Woo believes that institutions are responsible for the outflow of BTC from exchanges:

coins being scooped off exchanges (it’s mainly Coinbase, meaning a US entity, and at the scale of the withdrawal it’s likely an institutional yet to be announced buyer). (…) coins moving to strong hands with minimal history of selling.

Adding that Bitcoin traders shorting BTC have gone “cray-cray”. In support of the above, Glassnode records a decline in BTC supply on exchanges, analyst William Clemente said:

This is what absolute scarcity looks like. It doesn’t take a genius to see what’s happening. Supply/Demand 101.

The above events coincide with an estimated $6 billion in Bitcoin options to be expired on Friday. With a high accumulation on Deribit’s platform, the Chicago Mercantile Exchange, and FTX, among others. The last time $4 billion of Bitcoin options expired, the price of the cryptocurrency rose by 80%.

In the long term, the macroeconomic outlook still favors the cryptocurrency with a possible issuance of $3 trillion in debt by the U.S. Government. On miners activity MicroStrategy CEO Michael Saylor stated:

It is rational for publicly traded Bitcoin miners to become net purchasers of BTC rather than sellers.

Bitcoin trades at $54,747 with slight gains in the last day of 0.2%. On the 7-day chart, BTC records losses of 2.0% and 3.0% in the last month.

Bitcoin BTC
Bitcoin showing slight gains in the 24-hour chart. Source: BTCUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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