Bitcoin continues its bullish run as it has pushed its price above the USD$23,000 level, a positive sign amid miners selling their mined coins. On-chain flow Bitifinex analysts have flagged that the amount of bitcoins moving from bitcoin mining addresses to wallets owned by cryptocurrency exchanges has fallen to multi-year lows.
Selling lower strength, favorable for BTC rally
According to one Bitfinex Analysts, Bitcoin Miner Sales Hit Three-Year Low The report claims that the sell-off could be a sign that Bitcoin miners are in a coin-hoarding mode as they expect prices of the flagship cryptocurrency to rise.
Refused Bitcoin The sale of mining companies means less selling pressure from these market actors. Hence, it signals bullishness for the broader market.
However, analysts said that the recent rally in the price of bitcoin could witness a correction as investors try to recapture their profits amid the current price hike.
Analysts identified large wallet sizes (>$1M) to accumulate Bitcoin. He added that such wallets, as well as major market players, are the ones generating the buying pressure that follows the FTX saga and the past year has seen a series of bearish events in general.
Since the second week of January, the number of $1,000 and $10,000 bitcoin wallets has increased, analysts said. The analyst further acknowledged that the trading activity of retail investors was with an upward trend.
According to the data above, the current low Bitcoin selling pressure coincides with the lowest selling point in November last year. The current low indicates a green (bullish) indicator for the cryptocurrency.
Sell more BTC to miners, this Means Bearishness for coin value Conversely, when mining firms are unwilling to sell, it suggests that a Bullish trend For the crypto market.
Bitcoin price today
Bitcoin has gained nearly 40 percent in value this month, trading at $22,909 on Tuesday, up 1.48 percent. Crypto is trading at levels not seen since the collapse of the FTX exchange. BTC According to Coinmarketcap, the volume is around $26.82 billion, a 12.78% increase in the last 24 hours.
As highlighted above, Bitcoin’s rise in value can be attributed to whales determined to accumulate coins amid rising prices. Global crypto market capitalization is also seeing a bullish trend, trading at a high of around $1.06 trillion, up 1.27 percent in the last 24 hours, according to TradingView.
Featured Image from Unsplash, Chart from TradingView.
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