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bitcoin has managed to maintain its position above the $75,000 price mark following a new all-time high (ATH) of $76,872 recorded yesterday.
Currently, the cryptocurrency is trading at $76,587, reflecting a modest 0.9% drop from its peak, although still marking a daily increase of 1.7%. This stability indicates resilience and has fueled speculation about bitcoin's next price movement.
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bitcoin Miners Refrain From Selling, Why?
With bitcoin currently trading above $76,000, a CryptoQuant analyst identified as theKriptolik has bitcoin-Miners-Are-Avoiding-Sales-Because-They-Still-Believe-btc-Is-Undervalued” target=”_blank” rel=”nofollow”>pointed out a notable trend among bitcoin miners.
According to Kriptolik, miners are refraining from selling their btc holdings, even as the asset is trading near its ATH, as they believe the current valuation remains undervalued.
The analyst highlighted that miners typically transfer btc to exchanges and sell them when prices approach an ATH, in part to cover their operating expenses. However, this behavior has not been observed recently, indicating a possible belief in further price increases.
TheKriptolik explained this behavior by referring to mining activity on October 29, when there was a substantial influx of btc into exchanges, resulting in a sale of holdings without corresponding outflows.
This lack of recent transfers bound for the exchange indicates miners' confidence in bitcoin's current upward momentum. Miner behavior has historically served as a key indicator of market sentiment, with sales often coinciding with market highs.
Optimism among analysts and technical signals
The positive sentiment among miners is reflected by other market analysts, who have offered bullish forecasts for bitcoin's price trajectory. Javon Marks, a prominent crypto analyst, x.com/JavonTM1/status/1854887601104134465″ target=”_blank” rel=”nofollow”>noted That bitcoin's ability to maintain strength above a critical level of $67,559 sets the stage for further upward movement.
According to Marks, bitcoin could see a rally of more than 51%, which could take the price to $116,652. Marks emphasized that this move could develop at a faster pace than many market participants currently anticipate, driven by strong underlying market dynamics.
Similarly, another CryptoQuant analyst, Mignolet, has provided a x.com/cryptoquant_com/status/1854856645802655866″ target=”_blank” rel=”nofollow”>perspective
Mignolet explained that this transition involves changes in the behavior of market participants, particularly between long-term holders (LTH) and short-term holders (STH).
As LTH supply begins to distribute, an influx of new liquidity and capital is critical to sustaining the momentum of the rally. According to Mignolet, the current market environment, characterized by increased liquidity and echoes of the 2017 bull cycle, supports the completion of Phase 2 of bitcoin's price rise.
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The conditions to enter Phase 2 are being met
“A key condition for moving to Phase 2 is an increase in STH supply, specifically through a new capital increase. “Currently, the market is experiencing abundant new liquidity.” – By twitter.com/mignoletkr?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>@mignoletkr
Link … pic.twitter.com/gszfQFcn13
– CryptoQuant.com (@cryptoquant_com) twitter.com/cryptoquant_com/status/1854856645802655866?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>November 8, 2024
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