Bitcoin miners accumulate: BTC shows bullish signs 119 days after halving?
The Bitcoin community is once again a hot topic! Miners have been quietly accumulating Bitcoin for more than a month, and now BTC is gaining momentum, with the price rising 4% in 24 hours.
Speaking of major historical events in Bitcoin, halving is definitely unavoidable. After each halving, BTC is like chicken blood, slowly rising to new heights. Now, only a few months have passed since the last halving, let's see if BTC is going to go the same way again.
Our cryptocurrency analyst named Ali recently said something interesting on Twitter: 119 days have passed since the halving in 2024. In the first two halving cycles, BTC probably reached its peak around 530 days. If it follows this path, it is at most a small prelude to a bull market.
Look at the miners again. They are working overtime and the hash rate is stable at more than 600 EH/s. However, the strange thing is that although the miners' income has decreased in the past month, they have accumulated more and more BTC, obviously waiting for the price to rise.
The data also supports this point. CryptoQuant said that the miners' position index is green, which means that they sell less and buy more. Look at the Bitcoin rainbow chart again. The "accumulation" mode is fully turned on, telling us that now is a good time to start.
The market reaction is also super fast. On CoinMarketCap, BTC bulls rushed in, and the price soared directly to more than 60,000 US dollars, and the market value exceeded one trillion. Let's take a look at the technical indicators again. MACD is smiling and has a bullish crossover. It seems that it will continue to rise. However, the capital flow index (MFI) has declined a little, and it may take a few days to slow down.
This is a bull market of hellish difficulty. It is difficult for individuals to catch the trend. Welcome to join the community and we will gather together for warmth. There is the most professional cryptocurrency community, sharing market analysis and operation suggestions. Welcome to like and follow!
