Over the past year, Bitcoin miner balances have reduced by 4.74% due to controlled sell-offs aimed at managing costs.
Current Dynamics of Bitcoin Miners
Throughout the past year, Bitcoin miners have been increasing their sales, reducing their holdings from 1.99 million to 1.9 million BTC. This decrease is driven by the need to cover current expenses for electricity and equipment. Miner balances are reducing without sharp sell-offs, thus not creating significant market pressure or leading to Bitcoin's price drop.
Bitcoin Technical Indicators
An inverse 'Head & Shoulders' pattern has formed on the 4-hour Bitcoin chart, indicating a potential breakout above $102,000. Should Bitcoin overcome this resistance, it could attract more investors, leading to further price growth.
Key Liquidity Levels for Bitcoin
There is a considerable liquidity cluster at the $103,500 level. A breakout in this range may cause a cascade effect, facilitating further price growth to $105,000. Meanwhile, the $97,000 level serves as support in the case of short-term pullbacks.
Current trends point to miner activity stability and potential Bitcoin growth, as confirmed by both technical indicators and liquidity levels.
