Bitcoin Miners Sold Over 3,000 BTC in Last 48 Hours
Bitcoin has maintained its bullish momentum over the weekend, solidifying its position above $90,000. This milestone demonstrates Bitcoin’s resilience as it approaches new highs. However, recent on-chain data indicates a potential pullback may be forthcoming.
Key data from CryptoQuant reveals that Bitcoin miners sold over 3,000 BTC in the past 48 hours. This wave of miner profit-taking often signals a cooling phase by introducing additional supply into the market. While selling activity is not uncommon during strong price movements, it could lead to a short-term consolidation phase below the all-time high of $93,400 set earlier this week.
Despite this, Bitcoin’s ability to hold above $90,000 highlights strong underlying demand and robust market sentiment. Investors and analysts are monitoring the coming days to see if Bitcoin can absorb this selling pressure and maintain its bullish trajectory.
Bitcoin Price Action
Bitcoin's price action remains robust, breaking all-time highs multiple times over the past 11 days, reaffirming its bullish momentum. However, following such aggressive upward movement, the market appears to be entering a consolidation period as some investors lock in profits.
Crypto analyst Ali Martinez shared key data on X indicating that Bitcoin miners sold over 3,000 BTC in the past 48 hours, valued at approximately $273 million. This selling activity suggests that miners, typically long-term holders, are taking profits amid the recent surge, indicating a possible short-term price plateau or retrace.
While miner selling is part of market dynamics, sustained activity could signal a shift in sentiment. If selling pressure continues, it might push Bitcoin toward lower demand zones, providing potential re-entry opportunities for sidelined investors.
Bitcoin's ability to absorb this selling pressure will determine whether the current bullish trend remains intact. A brief consolidation phase may allow the market to establish a stronger foundation for future gains. Investors are closely monitoring key levels to assess potential growth or correction.
Current Market Status
Bitcoin is currently trading at $90,600 after a volatile few days, with prices ranging between an all-time high of $93,483 and a local low of $86,600. This consolidation follows aggressive bullish momentum that set new records, prompting close observation of subsequent moves.
Despite the recent cooldown, Bitcoin's price action remains strong, supported by increasing demand and overall bullish sentiment. If Bitcoin can hold above the $86,000 level in the coming days, a renewed surge to challenge and potentially surpass its all-time high appears plausible. The market shows resilience, with fresh demand emerging even amid minor profit-taking.
However, there is a risk of a deeper retracement. Should Bitcoin lose support at $86,000, it would likely test lower demand levels, searching for a strong base to facilitate its next upward move. Key support zones could provide the foundation for renewed buying interest and set the stage for the next bullish phase.
Featured image from Dall-E, chart from TradingView