BTC’s stable performance
Despite the increase in activity from miner selling and profit-taking, Bitcoin remains stable above $90,000. Currently, on-chain data reveals that Bitcoin may be in a consolidation phase before the next potential breakout. Bitcoin (BTC) maintains a strong bullish trend, with the price remaining above $90,000, close to its all-time high.
Selling
However, recent on-chain data shows that Bitcoin miners have sold more than 3,000 BTC in the past 48 hours. Cryptocurrency analyst Ali Martinez pointed out that these bitcoins are worth about $273 million. Typically, miners are seen as long-term holders who take profits during rapid price increases, and this sharp increase in sales often indicates that the market will enter a cooling-off period. This phenomenon is more common in strong bull markets, indicating that the market may be preparing for a short-term price pause or adjustment. Judging from the miner outflow chart, this situation of Bitcoin is consistent with the recent price surge. Judging from historical experience, this kind of selling behavior means that miners are locking in profits and may indicate the arrival of a cooling-off period in the market.
Network health
Notably, Bitcoin's strong network health was reflected, with its hash rate levels reaching new highs. The growth in hash rate reflects the improvement in network security and competitiveness, which highlights the confidence of miners, even if they sell some of their Bitcoin. Despite short-term selling pressure, the rise in hash rate highlights positive long-term fundamentals.
Bitcoin Price Trends and Consolidation
Bitcoin price continues to rise, hitting new all-time highs multiple times in the past 11 days, clearly demonstrating its continued bullish momentum, with strong performance above $90,000. However, after such a strong rally, the market appears to be entering a consolidation phase as profit-taking among investors and miners intensifies.
The significance of the integration phase
Bitcoin's current consolidation above $90,000 is a natural and healthy progression after an explosive rally. This consolidation allows the market to digest recent gains, weed out volatile holders, and build a strong foundation for subsequent moves. Key support levels, especially in the $88,000-$90,000 range, are crucial to maintaining the bullish structure. A break below these levels could signal increased selling pressure, triggering a deeper correction, while a strong defense of this range could solidify market confidence and set the stage for further growth.
Overall, despite the short-term selling pressure from traders and profit-taking by investors, Bitcoin's fundamentals remain solid. If Bitcoin can maintain its current levels, the possibility of breaking through $100,000 will increase, and the continued consolidation phase will also be a key step towards further price increases.
The information provided in this article is for informational purposes only and does not constitute advice of any kind.
