• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Litecoin LTC LTCUSDT
Nexo Logo

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

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

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:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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%.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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
Tags: bitcoinbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Ethereum

Ethereum Gas Fees Touch New Lows, What’s Ahead For Ethereum

2 hours ago
Cardano Slides Below $0.50 Alarming A Danger Ahead

Cardano Slides Below $0.50 Alarming A Danger Ahead

5 hours ago
Cardano

Cardano TVL Sheds $205 Million Since Hitting All-Time High

7 hours ago
ethereum

Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

21 hours ago
CloneX and Murakami promotional image

Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse

1 day ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Gringotts Labs rolls out Lending Protocol Zenith after Capricorn Finance becoming a winner

May 28, 2022

Datamall Chain – A Pioneer of Web3 Data Storage

May 28, 2022

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.