With the onset of September, a significant increase in Bitcoin (BTC) miner transfers has been observed, raising concerns about potential selling pressure.
Increase in Bitcoin Miners' Transfers
A recent transfer of over 56,000 BTC to Binance raised concerns about potential selling pressure. However, on-chain data indicates a cooling off after this peak inflow, suggesting that miners are now opting for OTC deals or employing a holding (HODL) strategy rather than selling directly on exchanges.
Current Bitcoin Dynamics and Market Levels
Currently, Bitcoin is trading around $115,000, having rebounded from the demand zone near $110,000, signaling strong support. The Relative Strength Index (RSI) stands at 56, indicating a healthy market momentum. Maintaining the support range of $110,000–$112,000 is crucial.
Importance of Support and Resistance Levels
Bitcoin finding strong support around $110,000 suggests that institutional investors see these levels as buying opportunities. The reduction in miners’ selling pressure and strengthened supply scarcity indicators solidify the market’s foundation.
Significant changes in Bitcoin miners' strategies, along with support from institutional investors, create new market conditions that urgently require monitoring of key support and resistance levels.
