Bitcoin Miners Continue To Sell – 2010 Satoshi-Era Miner Moves 2K BTC

Bitcoin has entered price discovery after repeatedly breaking all-time highs over the past week. The price surged an impressive 38% in under ten days, highlighting the overwhelming bullish momentum that has captivated the market. BTC is consolidating below the $93,400 mark as traders and investors anticipate its next move.

Key data from CryptoQuant reveals an interesting trend: BTC miners, including a miner from the Satoshi era, have started selling significant amounts of BTC. Notably, 2,000 BTC were moved, with a portion sent to exchanges, signaling active profit-taking among miners.

This behavior suggests that while demand remains strong, the increasing supply from miners could act as a short-term headwind, potentially keeping Bitcoin’s price below its recent highs.

If this selling trend persists, the price may continue consolidating around current levels before attempting another breakout. However, the broader market sentiment remains bullish, driven by strong institutional interest and favorable macroeconomic factors. 

While miner activity adds a layer of complexity to the price action, it also underscores Bitcoin’s resilience in absorbing sell-side pressure during its historic rally. Traders will closely monitor these developments as BTC navigates its next phase in price discovery.

Bitcoin Supply Holding The Price (For Now)

Bitcoin’s impressive bullish price action has finally cooled down in the past few hours as minor profit-taking from short-term holders and miners has occurred. The market experienced a brief pause after a period of aggressive buying, but it seems that the overall bullish momentum remains intact. 

Key data shared by CryptoQuant’s head of research, Julio Moreno, shows that BTC miners have continued to sell during this phase. In a particularly noteworthy event, a miner from the Satoshi era moved 2,000 BTC coins that had been mined in 2010 and had never moved before. A portion of these coins was transferred to exchanges, indicating active profit-taking.

This activity suggests that while Bitcoin’s price may face temporary pressure from miner sales, it could be a healthy consolidation phase rather than a sign of weakness. Such profit-taking is common after extended rallies and could hold the price around current levels for a short period.

However, the broader trend remains bullish as demand from institutional investors, including those using BTC ETFs, continues to grow. Additionally, long-term holders, who have shown resilience through previous market cycles, are unlikely to sell at current levels, providing strong support.

BTC could quickly resume its upward trajectory if these forces continue to outweigh miner selling pressure. While the recent cooling-down period may create a temporary lull, the demand fundamentals suggest that Bitcoin is well-positioned to push toward new highs once this profit-taking phase concludes.

BTC Consolidates Below ATH

Bitcoin is trading at $89,400 after a 7% retrace from its recent all-time high (ATH) of $93,483. After an aggressive push to new price discovery, the price is now consolidating below this level. This consolidation phase determines whether BTC will continue its upward trajectory or face a deeper correction.

If Bitcoin holds above the $85,000 mark in the coming days, a surge toward new highs could be expected, with the $90,000 level acting as the next resistance. The market sentiment remains bullish, and strong support around $85,000 could act as a launchpad for a challenge to the previous ATH.

However, the price could test lower demand zones if Bitcoin fails to reclaim the $90,000 mark and drops below the $85,000 support level. The next potential support lies around the $82,000 range, where buying pressure may increase. A break below this level could signal a deeper correction, but the bullish momentum is still intact as long as the $85,000 support holds. Traders will closely monitor these levels to gauge Bitcoin’s direction in the short term.

Featured image from Dall-E, chart from TradingView