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Bitcoin Miners Halt Sales as BTC Gains 20% Since Hash Ribbon ‘Buy’ Signal

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Shiba Inu May Rise 250 Pre Bitcoin Halving Predicts SHIB Team.webp
Shiba Inu May Rise 250 Pre Bitcoin Halving Predicts SHIB Team.webp

The following are key points.

  • Bitcoin miners stopped selling BTC, which could be a sign of the end to a long-running distribution spree.

  • In the past 30 days, wallet balances of miners have increased by approximately 2,700 BTC.

  • Hash Ribbons shows that both the BTC and miners are enjoying good times.

BitcoinBTCAs network participants switch from selling to hodling, the price of gold has dropped by $75,000.

Onchain Analytics: Data Glassnode The fact that the miners have been actively increasing their BTC reserve shows this.

Bitcoin miners make months worth of sales

Bitcoin hitting multimonth lows The miner’s behavior changed dramatically in April. A long selling streak was replaced by a period of significant accumulation.

Glassnode indicates that after BTC/USD hit a low of just under $75,000 the balances in miner’s wallets also found a bottom, and then started increasing with price.

Miner wallets held 1,794,622 BTC on April 12, while as of May 13, they had reached 1,797,330 BTC — an increase of 2,708 BTC or 0.15%.

BTC balance on miners’ wallets Source: Glassnode

The change is noticeable, even though it’s minimal in total mining holdings. It follows an initial selling spree that gained momentum late in 2023. The BTC price has risen as a result. 

“Extremely bullish for Bitcoin!” Mister Crypto, a popular investor and trader summarized X in part by citing similar data obtained from the onchain analytics platform CryptoQuant.

Cointelegraph had reported earlier that decreasing sell-side mining pressure was contributing to the price trend. Institutional buy volumes were also contributing. dwarfing the amount The amount of BTC mined per day.

Hash Ribbons deliver classic BTC bull signal

Since its most recent update, a classic measure of miner behaviour continues to demonstrate classic performance. “buy” signal.

Related: Bitcoin illiquid supply hits 14M BTC as hodlers set bull market record

Hash Ribbons is a tool created by Capriole Investments to track the hashrate of digital assets and Bitcoins. It uses two moving averages. “capitulation” There are many miners.

BTC/USD 1 Day Chart with Hash Ribbons Data Source: Capriole Investments

The tip that was given to the market for its entry into this new market in late MarchBTC/USD has risen by around 20%.

“The hash ribbons are still flashing a buy signal here,” Mister Crypto commented In a blog post this week on the subject, I predicted that BTC prices would rise to “go much higher in May.”

Bitcoin Hash Ribbons data. Source: Mister Crypto/X

The information in this article is neither investment advice nor a recommendation. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.