BTC price in February depends on the current sales of Bitcoin miners.
So far in February, bitcoin miners have transferred more than 100,000 BTC from their reserves to exchanges.
This February 9, Bitcoin saw a significant rise in its price that led it to overcome the USD 48,000 barrier. However, miners continue to reduce their reserves, to the point that they are only 2,000 BTC away from reaching the lowest point in their reserves in the last 3 years.
Not even during the all-time high (ATH) of bitcoin, which occurred in November 2021, did miners transfer significant amounts of BTC to exchanges as is happening now.
This could be a brake on the price of Bitcoin, since, with such an amount of BTC in the market, the price, although continuing to rise, may be slowing down, so this will define the future of the price in February.
Although the reserves graph does not show a considerable drop, it must be taken into account that miners have stopped the accumulation of BTC in its tracks. The reason for this? Everything seems to point to the halving.
The halving represents a cut in half of the reward per block, that is, for miners the profitability will be cut in half. Although the destination of the transfers are the exchanges, and do not necessarily represent sales, it is possible that the miners are looking to update their equipment, taking advantage of the current price of bitcoin, and making profits.
