After reaching a maximum of $ 103,800 on Friday, May 9, the price of Bitcoin started slowly before resuming to $ 014,000 starting from the weekend. Premier Cryptocurrency continues to exceed $ 100,000, while market participants seem to trust coins that can play for the best best weeks for the next few weeks.
Interestingly, more and more reactionary Bitcoin miners appear to be newly trusting the price of BTC. According to the latest on -chain data, the miners have assets in recent weeks in match with the latest price rally in Coin.
Are Bitcoin miners preparing for an extension rally?
In the post of X’s May 10, the encryption analysis platform Alphractal revealed that Bitcoin miners are less active in the market and are accumulating mining compensation instead of selling them for profits. The relevant indicators here are miners sales pressure metrics, which measure the strength of the Bitcoin miners for a given period.
This metric compares the average coin of reserves within the same period for the last 30 days. The miner’s sales pressure indicators provide valuable insights to the actions and feelings of related network participants.
In the high -emphasized chart, red color exhibits high sales pressure among these bitcoin miners and often corrects market conditions slowly. Green, on the other hand, reflects low miner sales pressure, which can be a positive sign at the price of Bitcoin.
Source: @Alphractal on X
As shown in the chart above, the miner sales pressure metrics enter the red area when the miner pressure moving average (blue line) crosses the top band (red line). On the other hand, the miner pressure line crosses below the lower band (green line), which has a low sales pressure of the miner.
According to the data provided by ALPHRACTAL, the miner pressure line has recently moved below the lower band, suggesting that the network miner has maintained coins in recent weeks. The warm -chain analyst added that this metrics are the lowest since 2024 because the miners seem to be waiting for the best to claim the best.
The Bitcoin market has mature so that miners’ sales do not have a big impact on the price, but the long -term period of long -term sales pressure of network participants can be naturally optimistic with the best cryptocurrency. But Alphractal pointed out that the market can see new sales as the price moves in the next few weeks.
Bitcoin price at a glance
At this point, the price of BTC is about $ 104,250 and has increased more than 1% over the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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