Can Miners Affect Bitcoin's Growth?
The price of Bitcoin has been steadily rising, up about 4% over the past week, reflecting improved market sentiment and investor optimism.
Let's figure out what's happening in the Bitcoin (BTC) market and what to expect from the cryptocurrency price.
Bitcoin Miners Hold On Tight
Bitcoin miners have started hoarding coins again, with their holdings reaching a weekly high of 1.8 million BTC. Bitcoin miners' holdings show the amount of coins in their wallets. When they decline, it means miners are selling coins, which confirms the bearish sentiment against BTC.
Additionally, the decline in BTC flow from miners to exchanges highlights the accumulation trend over the past seven days. According to CryptoQuant, the amount of coins sent by miners to exchanges has fallen by 10% over this period.
When the flow of BTC from miners to exchanges decreases, it means that miners prefer to hold on to their coins. A decrease in selling pressure indicates growing confidence in the price of BTC and can support its rally.
Last week, weekly inflows into spot Bitcoin ETFs turned positive, reversing the previous week’s negative outflows. According to SosoValue, $247 million flowed into these funds from August 4 to August 8.
This shift shows renewed institutional buying interest and a shift in market sentiment in favor of BTC. Investors are confident in the coin's growth and are increasing their exposure through ETFs.
Can BTC Break $118,851 and Reach $120,000?
Renewed institutional interest and miner confidence are increasing the chances that BTC will soon rise above $120,000. However, Bitcoin must first overcome the resistance at $118,851.
If the accumulation slows, Bitcoin could fall back to $115,892.
Источник: cryptocurrency.tech
