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Bitcoin Miners Halt Sales while BTC has been getting 20% ​​since Hash Ribbon ‘Buy’ Signal

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Basic Points:

  • Bitcoin miners have stopped selling their BTC on what could signal by the end of a long distribution.

  • Last month, miner’s balances increased by about 2,700 BTCs.

  • Hash Ribbons data show great time that goes on for both BTC miners and strength prices.

Bitcoin (Btc) The accumulation of miners returns as network participants change sales for hodling to $ 75,000 lows.

Data from onchain analytics firm Glass node It is shown that miners are now actively adding to their BTC reserves.

Bitcoin Miners Buck Month of sale

Bitcoin Pressing multimonth lows In April caused a change in the sea to the miner’s behavior, with a long sale of streak reversed by significant accumulation.

Glassnode shows that shortly after the BTC/USD, just below $ 75,000, the balance among the miners Dompet itself has found a floor, only after starting up with the price.

Miner wallets were held by 1,794,622 BTC on April 12, while on May 13, they reached 1,797,330 BTC – an increase of 2,708 BTC or 0.15%.

BTC balance in Miner Wallets. Source: Glassnode

While minimal in terms of total miners holders, the cycle is excited as it follows a sale run that initially gained momentum in late 2023. In turn, it led to the BTC price of the trajectory price.

“Very bullish for Bitcoin!” Businessman and investor Mister Crypto summarizes a reaction to X, referring to similar data from the Onchain analytics platform.

Earlier, Cointelegraph reported in reducing the sale pressure of the miner who helps contribute to the price trend, with volumes buying institutional Dwarfing the value of Mined BTC per day.

Hash Ribbons delivers BTC Bull’s classic signal

A classic metric that covers miner’s behavior continues to show classic performance from the latest “buy” signal.

Related: Bitcoin Illiquid Supply Hits 14m BTC as Hodler Set Bull Market Record

The hash ribbons, created by the volume of bitcoin and digital asset fund capriole investments, use two moving average hashrates until the “capitulation” periods of miners are cleaned.

The BTC/USD 1-day chart with Hash Ribbons data. Source: Capriole Investments

Since offered a final entry tip in the market In late MarchBTC/USD gained about 20%.

“Hash Ribbons still flashing a purchase signal here,” Mister Crypto Commented In a post on the phenomenon this week, predicting the price of BTC “higher in May.”

Bitcoin hash ribbons data. Source: Mister Crypto/x

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.