Bitcoin has faced significant selling pressure from miners aiming to cover costs and secure profits.
Impact of Miners on the Market
Currently, as Bitcoin approaches the $93,000 threshold, miner selling has introduced slight volatility, yet the resilience of bull market participants is evident as Bitcoin has rebounded to near its all-time high of $91,389. The recent halving event has decreased miner rewards to 3.125 BTC, compounding financial pressures and prompting partial liquidation of holdings.
Current Dynamics and Support Levels
The current price is near a major resistance zone around $90,000 – $95,000. Increased miner outflows suggest strong selling pressure at this level. If a correction occurs, key support levels to watch are $80,000 and $70,000, based on prior price action.
Price Analysis and Prospects
The current Bitcoin price is $90,409 USD, indicating a slight decrease of 0.73% today. Despite this, Bitcoin's strong growth is marked by a weekly gain of 18.13% and a monthly rise of 33.77%. Should the price break above the $91,000 resistance, the path to $100,000 may clear.
The critical factor now is whether the market can sustain bullish momentum amid continuous miner sales. Effective dip-buying could propel Bitcoin to new highs.
