According to on-chain data, Bitcoin miners think BTC has stopped selling despite the recent rally where the currency has crossed $ 57k.
Bitcoin minor reserves continue to move in the other direction
As indicated by a CryptoQuant post, the BTC Mineral Reserve continues to trend as well in the strong progress of the currency.
“Minor reserve” is an indicator that shows the total amount of bitcoins that miners currently have in their wallets.
The miners suggest that the value of the coin will increase in the near future, so they are hoarding it.
Although the decline means they are taking their profits because they expect a correction or a better market in the future.
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Here is a chart showing the price trend of this indicator against BTC price compared to last year:
The BTC miner reserve seems to be treading sideways | Source: CryptoQuant
The graph above shows that, despite the sharp progress in the price of Bitcoin, the price of the indicator has changed recently.
Typically, such a move means miners are neutral or bullish about crypto. Many of them are still taking out some coins, others are adding the same amount again. This is why the reserves are looking very balanced at the moment.
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Looking closely at the chart, it is clear that the metric also showed some sideways movement during the rally which took BTC to its current all-time high (ATH).
Probably something similar will happen here too so it may be worthwhile to keep an eye on these mine reserves for any movement on both sides.
At the time of writing, the price of Bitcoin is around $ 57.5k, up 22% in the last seven days. Last month, Crypto accumulated a 26% profit.
The following chart shows the trend of currency prices in the last five days:
BTC's price shows strong movement up | Source: BTCUSD on TradingView
Bitcoin has shown a lot of volatility recently, but the price is still showing an overall ward upward trend as the coin has crossed $ 57k for the first time since May this year.
It remains to be seen whether crypto can maintain this momentum and create a new ATH soon. The signs seem to be trending positively as the supply push now seems to be building in the market as the currency exchange reserves that have been seen since October 2017 have gone down.
Featured image from Unsplash.com, chart from TradingView.com