bitcoin has entered price discovery after repeatedly breaking all-time highs over the past week. The price rose an impressive 38% in less than ten days, highlighting the overwhelming bullish momentum that has captivated the market. btc is consolidating below the $93,400 mark as traders and investors anticipate its next move.
Key data from CryptoQuant reveals an interesting trend: btc miners, including a Satoshi-era miner, have started selling significant amounts of btc. Notably, 2,000 btc were moved, with a portion sent to exchanges, indicating active profit-taking among miners.
This behavior suggests that while demand remains strong, increasing supply from miners could act as a headwind in the short term, potentially keeping the price of bitcoin below its recent highs.
If this selling trend persists, the price may continue to consolidate around the current levels before attempting another breakout. However, overall market sentiment remains bullish, driven by strong institutional interest and favorable macroeconomic factors.
While mining activity adds a layer of complexity to price action, it also underscores bitcoin's resilience to absorb selling pressure during its historic rally. Traders will closely monitor these developments as btc navigates its next phase in price discovery.
bitcoin supply sustains price (for now)
bitcoin's impressive bullish price action has finally cooled in recent hours as minor profit-taking by short-term holders and miners has occurred. The market experienced a brief lull after a period of aggressive buying, but it appears that the overall bullish momentum remains intact.
<a target="_blank" href="https://x.com/jjcmoreno/status/1857253170239459694″ target=”_blank” rel=”noopener nofollow”>Key Data Shared by CryptoQuant Research HeadJulio Moreno shows that btc miners have continued selling during this phase. In one particularly notable event, a Satoshi-era miner moved 2,000 btc coins that had been mined in 2010 and had never been moved before. A portion of these coins were transferred to exchanges, indicating active profit-taking.
This activity suggests that while bitcoin price may face temporary pressure from miner selling, it could be a healthy consolidation phase rather than a sign of weakness. This profit taking is common after prolonged rallies and could keep the price around current levels for a short period.
However, the broader trend remains bullish as demand from institutional investors, including those using btc ETFs, continues to grow. Additionally, long-term holders, who have demonstrated resilience in previous market cycles, are unlikely to sell at current levels, providing strong support.
btc could quickly resume its upward trajectory if these forces continue to overcome selling pressure from miners. While the recent cooling period may create a temporary pause, demand fundamentals suggest that bitcoin is well positioned to reach new highs once this profit-taking phase concludes.
btc consolidates below ATH
bitcoin is trading at $89,400 after a 7% retracement from its recent all-time high (ATH) of $93,483. After an aggressive push to discover new prices, the price is now consolidating below this level. This consolidation phase determines whether btc will continue its upward trajectory or face a deeper correction.
If bitcoin sustains above the $85,000 mark in the coming days, a rally towards new highs could be expected, with the $90,000 level acting as the next resistance. Market sentiment remains bullish and strong support around $85,000 could act as a launching pad to challenge the previous ATH.
However, the price could test areas of lower demand if bitcoin fails to reclaim the $90,000 mark and falls below the $85,000 support level. The next potential support lies around the $82,000 range, where buying pressure may increase. A break below this level could signal a deeper correction, but the bullish momentum will remain intact as long as the $85,000 support holds. Traders will closely monitor these levels to assess bitcoin's direction in the near term.
Featured image of Dall-E, TradingView chart
