• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Sensei Inu Logo

Bitcoin Price Continues Struggle, But Miners Refuse To Sell

Hououin Kyouma by Hououin Kyouma
1 year ago
in Bitcoin
Reading Time: 3 mins read

On-chain data shows while the price of Bitcoin has continued to struggle recently, miners have shown diamond hands.

Bitcoin Miner Reserve Holds Still Amid The Recent Price Consolidation

As pointed out by an analyst in a CrypoQuant post, BTC miners have been accumulating for some time now, and the dwindling price hasn’t scared them.

The “Bitcoin miner reserve” is an indicator that measures the total amount of coins present in wallets of all miners.

When the value of this indicator observes a decrease, it means the supply held by miners is going down. Such a trend may be a sign that miners are dumping right now as they usually withdraw coins from their reserve for selling them on an exchange. And therefore, this can be bearish for the price of the coin.

On the other hand, an uptrend in the indicator, when prolonged, can prove to be bullish for the value of Bitcoin as it may show miners are accumulating at the moment.

Related Reading | Quant Explains Similarities Between Current And Summer 2020 Bitcoin Markets

Now, here is a chart that shows the trend in the Bitcoin miner reserve over the past couple of years:

Bitcoin Miner Reserve

Looks like the value of the metric has been trending sideways in recent months | Source: CryptoQuant

As you can see in the above graph, the Bitcoin miner reserve was at a very high value before the start of the 2021 bull run, but as soon as it kicked off a lot of miners harvested profits.

Following the crash in May of the same year, miners held on for a while, but it wasn’t too long until they the metric saw a plunge as they dumped.

Related Reading | Bitcoin Perfectly Follows Market Cycle Comparison, What Comes Next For Crypto?

Active miners have running costs like electricity so in times of low profitability, they have to sell their coins to pay off these bills.

These holders started accumulating again in July as a new rally kicked off. This time, however, they didn’t sell off when the ATH was hit and a crash occurred.

Though, miners have also not been adding further to their Bitcoin reserves in recent months either. But nonetheless, they have held strong through the seemingly endless sideways movement the price of the crypto has shown lately.

BTC Price

At the time of writing, Bitcoin’s price floats around $38.4k, down 1% in the past week. Over the last month, the crypto has lost 17% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

The value of the crypto seems to have slid down over the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tags: bitcoinBitcoin Diamond Handsbitcoin minersbtcbtcusd
Tweet123Share196ShareSend
Hououin Kyouma

Hououin Kyouma

Kyouma is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Kyouma has been writing for many years, first as a hobbyist and later as a freelancer. He obtained a bachelor's in physics in 2022 and is planning on starting a master's in the same field in the near future. Kyouma is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football. You can find Kyouma on Twitter at @Kyouma29.

Related Posts

Bitcoin

Bitcoin Enjoys Growing Favorable Conditions, Top Analyst Says

4 hours ago
Bitcoin crypto analyst

Crypto Analyst Predicts More Trouble Ahead For Bitcoin Price, Here’s Why

8 hours ago
Bitcoin bear

Bearish Signal? Bitcoin Whale Wakes Up From 6-Year Slumber And Transfers $56 Million

1 day ago
Bitcoin price

Is The Bitcoin Price Rally Sustainable? On-Chain Data Provides Crucial Insights

2 days ago
Why is Bitcoin price up

Why Is Bitcoin Price Up Today? BTC Climbs Above $27,000

3 days ago
bitcoin

Glassnode Co-Founders Weigh In On Bitcoin (BTC) Path To $30,000

5 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Bitcoin Spark Drives Home Solana Killer Narrative Raising...

    2 hours ago
  • Shiba Inu, Bone ShibaSwap or Kangamoon: Which Meme Coin Can...

    3 hours ago
  • Top Three Must-Have Tokens for Investors In 2023 –...

    3 hours ago
  • Are BNB (BNB) and UNUS SED LEO (LEO) Preparing for a Rally?...

    3 hours ago
  • VC Spectra (SPCT): The Pioneering Project Taking on...

    6 hours ago

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.

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 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.