Bitcoin Miner Reserve Continues To Stay At High Values Despite Struggling Price
As explained by an analyst in a CryptoQuant , BTC miners seem to have continued to accumulate while the price has declined in the past few weeks.The “BTC miner reserve” is an indicator that tells us the total amount of Bitcoin present in the wallets of all miners.
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Looks like the value of the indicator has enjoyed some uptrend recently | Source:As you can see in the above graph, the miner reserve has been on the rise since the Bitcoin all-time high of $69k was set and the price subsequently started a decline.
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Historically, miners have always been one of the major sources of selling pressure in the market. So these traditional sellers rather showing accumulation behavior recently can be quite bullish for the price of Bitcoin. The quant in the post believes that this trend of accumulation and no recent mass dumpings may be a sign that the crypto has started to hit lows.While this can benefit the price in the long term, near term outcome is still quite uncertain due to the Russian invasion of Ukraine that still rages on.
BTC Price
At the time of writing, Bitcoin’s price floats around $38.3k, down 1% in the last seven days. Over the past month, the crypto has lost 8% in value.
The below chart shows the trend in the price of BTC over the last five days.BTC's price seems to have tumbled down over the last few days | Source:Just a few days back, Bitcoin had again climbed above $45k, but it didn’t last long. The price declined quite fast and has now plunged down to the current sub-39k levels.
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com