Bitcoin Miners’ Position Index Crossover Indicates Potential Bullish Momentum
Recent on-chain data indicates a bullish signal for Bitcoin based on its Miners’ Position Index (MPI).
Key Findings
- The 90-day moving average (MA) of the MPI has crossed above the 365-day MA.
- This crossover historically precedes a price uptrend for Bitcoin.
- The MPI tracks the ratio of miner outflows to its 365-day MA.
- A low MPI suggests miners are holding rather than selling.
- The current trend shows increased positive momentum in miner selling activity.
- Historically, significant distance between the two MAs signals potential top formation.
As of now, Bitcoin's price rebounded to $102,500 after dipping towards $98,000.
