{"id":403100,"date":"2024-06-30T05:30:56","date_gmt":"2024-06-30T00:00:56","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=403100"},"modified":"2024-06-29T14:06:36","modified_gmt":"2024-06-29T08:36:36","slug":"bitcoin-mining-status-no-more-selling-heres-what-that-means-and-doesnt-mean","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-mining-status-no-more-selling-heres-what-that-means-and-doesnt-mean\/","title":{"rendered":"Bitcoin mining status &#8211; No more selling? Here&#8217;s what that means and doesn&#8217;t mean"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin miners\u2019 reserves have moved up after weeks of decline<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC\u2019s price chart remained red, while a few indicators were bearish too<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> miners have always played a crucial role in deciding the path BTC takes in terms of its price action. Hence, it&#8217;s worth looking at a particular trend recently seen on the mining front, one that can possibly spur a hike in the crypto&#8217;s price in the coming days.\u00a0<\/span><\/p>\n<h2>Bitcoin miners are willing to HODL<\/h2>\n<p><span style=\"font-weight: 400;\">Crypto Dan, an analyst and author at CryptoQuant, recently shared an <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/667e0c86931dcb63ae996678-BTC-Miners-selling-pressure-decreases?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=crypto-dan\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">analysis<\/span><\/a> which<span style=\"font-weight: 400;\"> underlined this very trend. After the fourth BTC halving, mining rewards declined. As a result, mining activity fell and miners began selling Bitcoin in OTC transactions to cover mining operation costs. However, according to the analysis, this trend soon changed,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe current market can be seen as being in the process of digesting this sell-off, and fortunately, the quantity and number of bitcoins miners are sending out of their wallets have been rapidly decreasing recently.\u201d <\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">This meant that selling pressure from miners diminished, which might create a situation where BTC could regain bullish momentum. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">An interesting, similar decline in selling pressure from miners was seen in 2023 and 2024. On both occasions, a drop in selling pressure was followed by massive bull rallies. Therefore, as the second quarter of this year is coming to an end, BTC might begin its bull rally in Q3.\u00a0<\/span><\/p>\n<figure id=\"attachment_403101\" aria-describedby=\"caption-attachment-403101\" style=\"width: 1752px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-403101 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM.png\" alt=\"Bitcoin miner withdrawing transactions\" width=\"1752\" height=\"920\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM.png 1752w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM-1024x538.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM-768x403.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM-1536x807.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-29-at-12.30.19\u202fPM-1200x630.png 1200w\" sizes=\"(max-width: 1752px) 100vw, 1752px\" \/><\/a><figcaption id=\"caption-attachment-403101\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h2>Will miners initiate a rally?<\/h2>\n<p><span style=\"font-weight: 400;\">Julio Moreno, a popular crypto-analyst, also shared a <\/span><a href=\"https:\/\/x.com\/jjcmoreno\/status\/1806824995865198722?t=mvs2TK9hMMOmR0SWs73RWQ&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting another interesting development. As per the same, BTC\u2019s miner capitulation has reached levels comparable to December 2022 &#8211; A 7.6% drawdown. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2022, this incident indicated a market bottom. If history repeats itself, then BTC might soon flip bullish. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, our analysis of Glassnode\u2019s data revealed that after a decline, BTC miners\u2019 reserves started to rise, meaning that miners have been buying BTC. Finally, as per <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoQuant<\/span><\/a><span style=\"font-weight: 400;\">, BTC\u2019s net deposit on exchanges seemed to be high, compared to the last seven days\u2019 average &#8211; Indicating a hike in buying pressure. <\/span><\/p>\n<figure id=\"attachment_403102\" aria-describedby=\"caption-attachment-403102\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners.png\"><img decoding=\"async\" class=\"wp-image-403102 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners.png\" alt=\"BTC's miners reserve\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-403102\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, at press time, BTC\u2019s price charts continued to flash red. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, BTC was down by over 5% in the last seven days. At the time of writing, BTC was trading at $60,920.48 with a market capitalization of over $1.19 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Chaikin Money Flow (CMF) registered a downtick. The MACD also displayed a bearish advantage in the market, suggesting a sustained downtrend.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Nonetheless, the Relative Strength Index (RSI) looked bullish as it went up. This might allow BTC to gain more momentum in the coming days.\u00a0<\/span><\/p>\n<figure id=\"attachment_403103\" aria-describedby=\"caption-attachment-403103\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05.png\"><img decoding=\"async\" class=\"wp-image-403103 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05.png\" alt=\"\" width=\"2560\" height=\"1375\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-29_12-58-05-1200x645.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-403103\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Miner are active again, and they can help Bitcoin&#8217;s price this time. <\/p>\n","protected":false},"author":75,"featured_media":403104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6428],"class_list":["post-403100","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin mining status - No more selling? 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