Bitcoin Miner Reserves Continue To Move Sideways
As pointed out by a CryptoQuant , BTC miner reserves continue to trend sideways amid the coin’s strong move up.The “miner reserve” is a indicator that shows the total amount of Bitcoin that miners are currently holding in their wallets.
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The BTC miner reserve seems to be treading sideways | Source:As the above graph shows, the indicator’s value has been moving rather sideways recently, despite the sharp move up in Bitcoin’s price.
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On a closer look at the chart, it becomes apparent that the metric also showed a bit of sideways movement during the rally that took BTC to the current all time high (ATH). Perhaps something similar will happen here so it can be worth keeping an eye on these miner reserves for any movements in either direction.BTC Price
At the time of writing, Bitcoin’s price floats around $57.5k, up 22% in the last seven days. Over the last month, the crypto has accumulated 26% in gains.
The below chart shows the trend in the price of the coin over the last five days:BTC's price shows strong movement up | Source:Bitcoin has shown a lot of volatility recently, but the price has still been showing an overall upwards trend as the coin now crosses $57k for the first time since May of this year.
It remains to be seen if the crypto can keep up this momentum and make a new ATH soon. Signs seem to be leaning positive as a supply shock now seems to be brewing in the market as shown by the exchange reserves of the coin that have fallen down to lows not seen since October 2017.
Featured image from Unsplash.com, chart from TradingView.com