Fun

Bitcoin Miners Sold Over 3,000 BTC In The Past 48 Hours – Consolidation Phase Ahead?

News Feed - 2024-11-18 07:11:30

Este artículo también está disponible en español.


Bitcoin has maintained its bullish momentum over the weekend, solidifying its position above the $90,000 mark. This milestone showcases Bitcoin’s resilience as it continues to captivate investors with its upward trajectory. The market has been buzzing with optimism as Bitcoin inches closer to new highs. However, recent on-chain data suggests that a potential pullback could be on the horizon. Related Reading Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation 17 hours ago


Key data from CryptoQuant reveals that Bitcoin miners have sold over 3,000 BTC in the past 48 hours. This wave of miner profit-taking often signals a cooling phase, as it introduces additional supply into the market. While the selling activity is not uncommon during periods of strong price action, it could lead to a short-term consolidation phase below the all-time high of $93,400 set earlier this week.


Despite this,Bitcoin’s ability to hold above $90,000 highlights strong underlying demand and robust market sentiment. Investors and analysts are closely watching the coming days to see if Bitcoin can absorb this selling pressure and maintain its bullish trajectory. Bitcoin Looks Very Strong


Bitcoin’s price action has remained robust, breaking all-time highs multiple times over the past 11 days and reaffirming its bullish momentum. However, after such an aggressive upward movement, the market appears to be entering a period of consolidation as some investors and entities lock in profits.


Crypto analyst Ali Martinez shared key data on X that highlights that Bitcoin miners have sold over 3,000 BTC in the past 48 hours, valued at approximately $273 million. This selling activity suggests that miners, typically long-term holders, are taking profits amid the recent surge. Such moves are common during strong bull runs and can indicate that market participants anticipate a short-term price plateau or retrace. Bitcoin miners sold over 3,000 $BTC in the past 48 hours | Source: Ali Martinez on X (CrypoQuant data)


While miner selling is a natural part of market dynamics, sustained activity of this kind could signal a shift in sentiment. If selling pressure persists, it might push Bitcoin toward lower demand zones, providing potential re-entry opportunities for sidelined investors. Related Reading Solana About To Target $250 If It Breaks Key Supply Level – Analyst 22 hours ago


Currently, Bitcoin’s ability to absorb this selling pressure will determine whether the current bullish trend remains intact. A brief consolidation phase may be beneficial, allowing the market to establish a stronger foundation for the next leg up. For now, investors are closely watching key levels to gauge the potential for continued growth or a deeper correction. BTC Holds Steady Above $90,000


Bitcoin is currently trading at $90,600 after a volatile few days that saw its price range between its all-time high of $93,483 and a local low of $86,600. This consolidation comes after aggressive bullish momentum that set new records, leaving investors and analysts watching the next moves closely. BTC holding strong above $90,000 | Source: BTCUSDT chart on TradingView


Despite the recent cooling off, Bitcoin’s price action remains strong, supported by increasing demand and overall bullish sentiment. If Bitcoin can hold above the $86,000 level over the next few days, a renewed surge to challenge and potentially surpass its all-time high seems plausible. The market has shown resilience, with fresh demand continuing to emerge even as minor profit-taking occurs. Related Reading XRP Breaks Above Multi-Year Resistance – Top Analyst Shares Price Target 2 days ago


However, there is a risk of a deeper retracement. Should Bitcoin lose support at $86,000, it would likely test lower demand levels, searching for a strong base to fuel its next upward move. Key support zones could provide the foundation for renewed buying interest and set the stage for the next bullish phase.


Featured image from Dall-E, chart from TradingView

News Feed

Alex Jones Says He Lost Laptop Containing 10,000 Bitcoins
Alex Jones Says He Lost Laptop Containing 10,000 Bitcoins The controversial host of Infowars and the Alex Jones Show claims that he has lost a laptop containing
Bitcoin price bounce gives BNB, TON, VET and BGB a boost — Will it last?
Rakesh Upadhyay5 hours agoBitcoin price bounce gives BNB, TON, VET and BGB a boost — Will it last?Bitcoin finds support slightly above $60,000, possibly giving altcoins the green light to move higher in the short term.
Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge
Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge The cryptocurrency exchange Coinbase has introduced a new liquid staking ethereum derivative token ahead
Derek Andersen2 hours agoCelsius customers to vote on settlement plan with Fahrenheit after judge gives okayThe settlement was reached in July and, if the customers agree, it will go before the court for approval in Octo
Africa-Focused Fintech Chipper Cash Weighs Possible Sale of Business
Africa-Focused Fintech Chipper Cash Weighs Possible Sale of Business One of Africa’s fintech giants, Chipper Cash, is said to be weighing the possibility of selling the busin
Russian Caught Mining Crypto in Covid-19 Clinic
Russian Caught Mining Crypto in Covid-19 Clinic An IT specialist working for a medical institution in Russia’s Altai Republic has been detained for illegally mining cryptocu
Evan Luthra7 hours agoOpinion: With Bitcoin’s halving months away, it may be time to go risk-onRobert Kiyosaki has predicted that Bitcoin"s price is going to reach $100,000. Michael Saylor is aiming for $1 million. Is
Popular Analyst Peter Brandt Identifies XRP Head & Shoulder Pattern, Reveals Path To Take
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 pu
Paxos Wins SEC ‘No-Action’ Letter to Settle Equities on a Blockchain
Paxos is seeking to modernize the equities settlement process using a regulator-approved blockchain process. The U.S. Securities and Exchange Commission (SEC) granted Paxos Trust Co
Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto
Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto Gift cards have become a popular payment tool for cryptocurrency users. Plenty of platforms now offer a wi
Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst
Este artículo también está disponible en español. Solana is trading above a critical demand level of around $157, showing signs of a potential bounce after a recent pullb
Tom Blackstone1 hour agoUS Stocks rise for third straight day as bond yields fallTreasury yields declined, giving stock market bulls new momentum.290 Total views3 Total sharesListen to article 0:00Vintage FinanceJoin us