The recent rise in Bitcoin's price has gained attention due to a shift in miner behavior, where they have opted to hold their assets instead of selling.
Shift in Miner Strategy
The value of Bitcoin (BTC) has moved beyond $115,000, achieving its highest point in over two weeks. This upward movement coincides with a substantial shift in behavior from cryptocurrency miners. Instead of offloading their coins, this key group has chosen to hold assets, reducing a major source of potential selling pressure from the market.
According to CryptoQuant analyst Arab Chain, who examined Binance data, miner transfers to the exchange have significantly dropped since the beginning of September, approaching 56,000 BTC. This decrease in exchange deposits suggests that miners are opting to hold their assets or use over-the-counter (OTC) desks for large sales, which do not directly impact the spot market price.
Market Overview and Projections
Recent analysis indicates that the market is effectively absorbing available supply, and with a major source of selling diminished, the path for further gains appears less obstructed. Arab Chain notes that miners may be anticipating an upcoming price increase and are therefore holding assets instead of selling. Mining activity itself is intensifying, with the number of active ASIC miners hitting a record 5.62 million on August 28, indicating heavy ongoing investment and competition in the sector.
Current Bitcoin Market Metrics
Bitcoin has climbed 1.1% over the past 24 hours, trading at $115,357 as of September 12. The price has bounced between $113,496 and $116,309 during the day, supported by steady buying after last week’s rejection at $113,000. The asset is up 3.1% on the weekly timeframe, while its monthly chart shows a modest decline of 3.1% following the August peak above $124,000.
The shift in miner behavior and the current market situation create favorable conditions for Bitcoin's further growth. Projections indicate a likelihood of reaching new price highs in the future.
