Bitcoin Price Continues Struggle, But Miners Refuse To Sell
02 Mayo 2022 - 2:00PM
NEWSBTC
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: 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. 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
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