Bitcoin Miners Offload $3.2 Billion in BTC Holdings Over 20 Days
Bitcoin's price retraced to $104,800, down 2% from a peak of $105,500. On-chain data indicates continued selling pressure from miners, impacting BTC's rebound potential.
Key Points
- BTC initially rose by 0.5% to $105,500 during European trading.
- As US trading opened, selling escalated, pushing the price down to $104,500.
- Miners have offloaded 30,000 BTC, valued at approximately $3.2 billion, over the past 20 days, reducing their reserves from 1.94 million BTC to 1.91 million BTC.
- Geopolitical tensions are raising expectations of higher energy costs and increased mining difficulty, contributing to miner sell-offs.
- Institutional demand remains, but miner sales inflate short-term market supply, exerting downward pressure on prices.
Price Forecast
- Resistance is observed at the Keltner Channel midline near $105,800.
- A failure to reclaim this level increases the risk of dropping towards $100,020 and potentially $96,000–$94,000.
- A breakout above $105,800 could lead to a retest of $111,636, requiring increased trading volume.
Shifting Investor Focus
While Bitcoin struggles, attention is turning to emerging projects like Solaxy ($SOLX), a Layer 2 network aimed at enhancing Solana’s ecosystem by managing transaction volumes off-chain.
- Current price of Solaxy is $0.001766.
- Presale has raised over $52.96 million and is nearing its final phase.
- Staking offers an annual percentage yield (APY) of 79% for early buyers.