Bitcoin Nears ATH As Miners Hold Back On Selling—Bullish Signals Flashing

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	22,799,740,209	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

22,799,740,209

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.008361	3.27%	0.26372	0.263821	0.263822

Price Change

Price Change %

Current Price

Bid Price

Offer

0.008361

3.27%

0.26372

0.263821

0.263822

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.265201	0.25523	0.255546	0.255359	0.077142 - 0.449994

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.265201

0.25523

0.255546

0.255359

0.077142 - 0.449994

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	16:21:34	70.22	0.26372	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

16:21:34

70.22

0.26372

USD

Price x Volume	Volume	Base Symbol	Related Pairs
303,825.31	1,163,085.96	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

303,825.31

1,163,085.96

Bitcoin Nears ATH As Miners Hold Back On Selling—Bullish Signals Flashing

09/11/2024 11:00am

NEWSBTC

Bitcoin has managed to maintain its footing above the $75,000 price mark following a new all-time high (ATH) of $76,872 recorded yesterday. At present, the cryptocurrency is trading at $76,587, reflecting a modest 0.9% dip from its peak while still marking a 1.7% daily increase. This stability signals resilience and has fuelled speculation regarding Bitcoin’s next price move. Related Reading: Bitcoin’s Current Price Action Sets Stage For 30% Rally, Says Crypto Analyst Bitcoin Miners Hold Back On Selling, Why? As Bitcoin currently trades above $76,000, a CryptoQuant analyst identified as theKriptolik has pointed out a notable trend among Bitcoin miners. According to theKriptolik, miners are refraining from selling their BTC holdings, even with the asset trading near its ATH, as they believe the current valuation remains undervalued. The analyst highlighted that miners typically transfer BTC to exchanges and sell it when prices approach an ATH, partly to cover their operational expenses. However, this behaviour has not been observed recently, signifying a potential belief in further price gains. TheKriptolik elaborated on this behaviour by referencing miner activity on October 29, when a substantial inflow of BTC to exchanges occurred, resulting in a sale of the holdings with no corresponding outflows. This lack of recent exchange-bound transfers indicates miners’ confidence in Bitcoin’s ongoing upward momentum. Historically, miner behaviour has served as a key indicator of market sentiment, with sales often coinciding with market tops. Optimism Among Analysts And Technical Signals The positive sentiment among miners is mirrored by other market analysts, who have offered bullish forecasts for Bitcoin’s price trajectory. Javon Marks, a prominent crypto analyst, noted that Bitcoin’s ability to maintain a stronghold above a critical $67,559 level sets the stage for further upward movement. According to Marks, Bitcoin could experience a rally of over 51%, potentially pushing the price to $116,652. Marks emphasized that this movement could unfold at a faster pace than many market participants currently anticipate, driven by strong underlying market dynamics. Similarly, another CryptoQuant analyst, Mignolet, has provided an outlook that suggests the conditions for Bitcoin entering the second phase of its bull rally are falling into place. Mignolet explained that this transition involves changes in market participant behaviour, particularly among long-term holders (LTHs) and short-term holders (STHs). As LTH supply begins to be distributed, an influx of new liquidity and capital is critical to sustaining the rally’s momentum. 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 surge. Conditions for entering Phase 2 are being completed “A key condition for moving into Phase 2 is an increase in STH supply, specifically through a surge in new capital. Currently, the market is experiencing abundant new liquidity.” – By @mignoletkr Link 👇… pic.twitter.com/gszfQFcn13 — CryptoQuant.com (@cryptoquant_com) November 8, 2024 Featured image created with DALL-E, Chart from TradingView

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