Bitcoin Surges To 23k As Miners Sales Sees Multi-Year Low

News BTC

Bitcoin has continued with its bullishness as it surged its price above the USD$23,000 level, a positive signal amid miners reduced the sales of their mined coins. On-chain flows flagged by Bitifinex analysts indicate that the amount of Bitcoin moved from Bitcoin mining addresses to wallets owned by cryptocurrency exchanges has declined to multi-year lows.

Bitcoin transfer volume from miners to exchanges. | Source: Bitcoin Archive

Selling Power Low, Favorable For A BTC Rally                      

As per a Bitfinex analyst, Bitcoin miner sales are at a three-year low. The report claims that the selling could be a sign that Bitcoin miners are in the mood to accumulate coins as they expect the surge of prices of the flagship cryptocurrency.

How To Get Free Crypto  

The declined Bitcoin sales from mining companies mean low selling pressure from these market actors. Therefore, it signals bullishness for the broader market.

Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

The analysts, however, stated that the recent uptick in Bitcoin price might witness a correction as investors try to recoup their profits amid the current price surges.

The analysts identified large wallet sizes (>$1M) as the majorly responsible for accumulating Bitcoin. They further said such wallets, as well as major market actors, are the ones creating the buying pressure that comes after the FTX saga and a series of bearish events generally witnessed last year.

The analysts mentioned that since the second week of January, the numbers of wallets with $1,000 and $10,000 worth of Bitcoin have increased. The analyst further acknowledged that the trading activities of retail investors had accompanied the uptrend.

Coinbase Banner  
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

According to the figure above, the current low Bitcoin selling pressure coincided with the lowest sales in November last year. The current low level signals a green (bullish) indicator for the cryptocurrency.

When miners sell more BTC, it implies a bearish for the coin value. Conversely, when mining firms don’t have the selling urge, this suggests a bullish trend for the crypto market.

Today’s Bitcoin Price

Bitcoin has surged its value by almost 40% this month, trading at $22,909, up 1.48% on Tuesday. The crypto is trading at levels not witnessed since the downfall of the FTX exchange. BTC volume stands at about $26.82 billion, an increase of 12.78% in the past 24 hours, as per Coinmarketcap.

BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

As highlighted above, the rise in Bitcoin value could be attributed to whales committed to accumulating coins amid surging prices. The bullish trend is also seen in the global crypto market capitalization, which is trading at a higher level, around $1.06 trillion, up 1.27% in the last 24 hours, according to Tradingview.

FreeBitcoin Banner  

Featured image from Unsplash, Chart from TradingView.

Go to Source
Author: Samuel Edyme


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.