{"id":468972,"date":"2021-08-10T19:00:54","date_gmt":"2021-08-10T19:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=468972"},"modified":"2024-06-11T11:18:13","modified_gmt":"2024-06-11T11:18:13","slug":"bitcoin-miner-reserves-ath-bull-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miner-reserves-ath-bull-rally\/","title":{"rendered":"Bitcoin Miner Reserves Close To May ATH As Bull Rally Continues"},"content":{"rendered":"<p>On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues.<\/p>\n<h2>Bitcoin Miner Reserves Reach Close To May ATH Levels<\/h2>\n<p>As pointed out by a CryptoQuant <a href=\"https:\/\/cryptoquant.com\/quicktake\/6112553563e49939e6556eb6-Bitcoin-Miner-Reserves-Back-Close-to-this-Years-ATH-on-May-09\" rel=\"nofollow\">post<\/a>, the BTC miner reserves seem to be on the rise, and look to be close to the levels seen during the 9 May all-time-high (ATH).<\/p>\n<p>The BTC miner reserves is an indicator that shows how many coins miners are holding in their wallets. More the value of this metric, less the selling pressure for miners in the market.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/s2f-beginning-bitcoin-bull-run\/\">S2F Creator Beckons Beginning Of Second Leg Of Bitcoin Bull Run<\/a><\/strong><\/em><\/p>\n<p>On the other hand, there is some selling pressure among miners if the indicator is on the decline. A lack of selling pressure can be bullish for the crypto as miners generally sit on large piles of coins. If they start selling, the price can possibly immediately go down.<\/p>\n<p>Now, here is how the Bitcoin miner reserves chart looks like right now:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/33692\/quicktake\/Ih7eQHl_93009bcfcba58eb7d96a3de04fad95e40ff6496fa59ce8c11c03aa1fb67831d0.png?resize=1154%2C586&#038;ssl=1\" alt=\"Bitcoin Miner Reserves\" width=\"1154\" height=\"586\"><\/p>\n<pre style=\"text-align: center\">The BTC miner reserves seem to be going up<\/pre>\n<p>As the above graph shows, while the current value of the indicator is still less than the one seen during the May ATH, it&#8217;s close enough.<\/p>\n<p>This rise in the Bitcoin miner reserves could prove to be positive for the current Bitcoin bull rally as miners seem to be expecting higher prices still.<\/p>\n<p>On the topic of miners, it looks like the <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hash-rate-goes-on-death-spiral-post-chinas-crackdown-on-miners\/\">BTC hashrate<\/a> is also gradually moving up. The below chart highlights this trend.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"landscape alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/33692\/quicktake\/PnHQiSA_93009bcfcba58eb7d96a3de04fad95e40ff6496fa59ce8c11c03aa1fb67831d0.png?resize=1154%2C529&#038;ssl=1\" alt=\"Bitcoin Hashrate\" width=\"1154\" height=\"529\"><\/p>\n<pre style=\"text-align: center\">The BTC hashrate slowly moves back up<\/pre>\n<p>After <a href=\"https:\/\/wncen.com\/news\/bitcoin\/the-death-of-chinas-bitcoin-mining-industry-7-takeaways-from-the-article\/\">China&#8217;s crackdowns on Bitcoin mining<\/a>, the global hashrate quickly went down. As miners have been relocating elsewhere, the hashrate is slowly recovering.<\/p>\n<p>However, it looks like the hashrate is still below previous levels so it&#8217;s going to take some time before enough miners have restarted their operations.<\/p>\n<h2>BTC Price<\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-reclaims-45k\/\">Bitcoin&#8217;s price<\/a> floats around $45.8k, up 19% in the last 7 days. Over the past month, the cryptocurrency has accumulated 35% in gains.<\/p>\n<p>Here is a chart that shows the trends in the price of the coin over the past 3 months:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-468980 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/chart-14.png?resize=460%2C239\" alt=\"Bitcoin Price Chart\" width=\"460\" height=\"239\"><\/p>\n<pre style=\"text-align: center\">Bitcoin wobbles around the $46k mark | Source: BTCUSD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n<p>Over the past couple of weeks, BTC has enjoyed a sharp uptrend as the coin successfully breaks past $45k. At the moment, it looks like BTC is testing the $46k level as the crypto zig-zags around the price mark.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/three-white-soldiers-bitcoin-btcusd\/\">Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle<\/a><\/strong><\/em><\/p>\n<p>It&#8217;s unclear if BTC can keep the momentum up, or if it will drop down. But if the miner reserves are anything to consider, signs seem to be positive for the bull rally.<\/p>\n<pre>Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues. Bitcoin Miner Reserves Reach Close To May ATH Levels As pointed out by a CryptoQuant post, the BTC miner reserves seem to be on the rise, and look to be close to the levels seen during the 9 May all-time-high (ATH). The BTC miner reserves is an indicator that shows how many coins miners are holding in their wallets. More the value of this metric, less the selling pressure for miners in the market. Related Reading | S2F Creator Beckons Beginning Of Second Leg Of Bitcoin Bull Run On the other hand, there is some selling pressure among miners if the indicator is on the decline. A lack of selling pressure can be bullish for the crypto as miners generally sit on large piles of coins. If they start selling, the price can possibly immediately go down. Now, here is how the Bitcoin miner reserves chart looks like right now: The BTC miner reserves seem to be going up As the above graph shows, while the current value of the indicator is still less than the one seen during the May ATH, it&#8217;s close enough. This rise in the Bitcoin miner reserves could prove to be positive for the current Bitcoin bull rally as miners seem to be expecting higher prices still. On the topic of miners, it looks like the BTC hashrate is also gradually moving up. The below chart highlights this trend. The BTC hashrate slowly moves back up After China&#8217;s crackdowns on Bitcoin mining, the global hashrate quickly went down. As miners have been relocating elsewhere, the hashrate is slowly recovering. However, it looks like the hashrate is still below previous levels so it&#8217;s going to take some time before enough miners have restarted their operations. BTC Price At the time of writing, Bitcoin&#8217;s price floats around $45.8k, up 19% in the last 7 days. Over the past month, the cryptocurrency has accumulated 35% in gains. Here is a chart that shows the trends in the price of the coin over the past 3 months: Bitcoin wobbles around the $46k mark | Source: BTCUSD on TradingView Over the past couple of weeks, BTC has enjoyed a sharp uptrend as the coin successfully breaks past $45k. At the moment, it looks like BTC is testing the $46k level as the crypto zig-zags around the price mark. Related Reading | Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle It&#8217;s unclear if BTC can keep the momentum up, or if it will drop down. But if the miner reserves are anything to consider, signs seem to be positive for the bull rally. Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":468982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11614,639,1119,1144],"class_list":["post-468972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Miner Reserves Close To May ATH As Bull Rally Continues<\/title>\n<meta name=\"description\" content=\"On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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