Bitcoin maintained its bullish momentum throughout the weekend, consolidating its position above the $90,000 mark. The milestone shows Bitcoin’s resilience as it continues to attract investors with its upward trajectory. The market is buzzing with optimism as Bitcoin inches closer to a new high. However, recent on-chain data suggests that a pullback may be imminent.
Key data from CryptoQuant shows that Bitcoin miners have sold more than 3,000 BTC in the past 48 hours. This wave of miner profit-taking typically signals a cooling period, as it adds more supply to the market. While selling is not uncommon during periods of strong prices, it could lead to a short-term consolidation period below the all-time high of $93,400 set earlier this week.
Still, Bitcoin's ability to hold above $90,000 shows strong fundamental demand and strong market sentiment. Investors and analysts will be watching closely in the coming days to see if Bitcoin can absorb this selling pressure and maintain its bullish trajectory.
Bitcoin looks very strong
Bitcoin’s price action remains strong, breaking all-time highs multiple times over the past 11 days and reaffirming its bullish momentum. However, after such a strong rally, the market appears to be entering a consolidation phase as some investors and entities lock in profits.
Cryptocurrency analyst Ali Martinez shared important data on X, highlighting that Bitcoin miners have sold more than 3,000 BTC in the past 48 hours, worth about $273 million. This selling activity suggests that miners, who are typically long-term holders, are taking profits from the recent price surge. Such moves typically occur during strong price surges and can indicate that market participants expect the price to stabilize or retrace in the short term.
While miner selling is a natural part of market dynamics, sustained activity like this could signal a change in sentiment. If selling pressure persists, it could push Bitcoin into lower demand territory, creating a potential re-entry opportunity for investors who have been sidelined.
Bitcoin’s ability to absorb this selling pressure will now determine whether the current uptrend remains intact. A short consolidation period could be beneficial, allowing the market to establish a stronger foundation for the next leg up. For now, investors are closely watching key levels to gauge the potential for continued growth or a deeper correction.
BTC Holds Above $90,000
Bitcoin is currently trading at $90,600 after a volatile few days in which the price fluctuated between an all-time high of $93,483 and a local low of $86,600. This consolidation comes after a strong rally that set a new record, leaving investors and analysts closely watching for the next move.
Despite the recent cool-off, Bitcoin’s price action remains strong, supported by increased demand and overall bullish sentiment. If Bitcoin can hold above $86,000 over the next few days, a fresh rally to challenge and potentially surpass its all-time high seems plausible. The market has shown resilience, with new demand continuing to emerge even as there has been some profit-taking.
However, there is a risk of a deeper pullback. If Bitcoin loses support at $86,000, it will likely test lower demand levels, looking for a solid base to fuel the next bullish move. Key support zones could provide a platform for new buying interest and set the stage for the next leg of the rally.
