Bitcoin Miner Selling Pressure Lets Off: Stage Set For Fresh Rally?
Bitcoin Miner Reserve Has Taken To Sideways Movement Recently
As an analyst in a CryptoQuant Quicktake post pointed out, miner selling pressure has dropped off recently. The indicator of interest here is the “Miner Reserve,” which keeps track of the total amount of Bitcoin the miners are carrying in their wallets.
When the value of this metric observes a decrease, miners make net withdrawals from their addresses. Miners generally transfer out their coins whenever they want to sell, so this trend can have potential bearish consequences for the asset.
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