Bitcoin Miner Behavior Confirms Local Bottom Formation At $80,000 – Details
The Bitcoin (BTC) market continues to stabilize around $90,000 following a significant price recovery in the last week. Before these recent gains, the maiden cryptocurrency had undergone a heavy market correction, dropping about 36.10% from its all-time high of around $126,100. Amid the ongoing consolidation, the latest data on Bitcoin miner activity suggests the asset may have hit a local bottom with sights now set on a sustained uptrend. Notably, market analyst BorisD shares on the CryptoQuant QuickTake platform an insight that suggests Bitcoin likely formed a local bottom as it dipped....
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The Bitcoin (BTC) market witnessed a slight recovery in the past 24 hours following a rather bearish trading week. After a flash crash to $91,000 on February 3, market analysts continue to speculate if Bitcoin found a local bottom and is finally gearing for an upswing. Interestingly, crypto expert Ali Martinez has shared some market […]
Bitcoin could be setting the stage for a major reversal, according to crypto analyst BTCEarth. In a recent post on X, the analyst pointed to a key support zone that continues to hold firm, reinforcing the possibility of a bottom formation. Notably, the analyst said the price action has “respected the long-standing blue support line”, originally established around the “Trump rally breakout.” Current structure suggests a “possible bottom formation near this zone, supported by volume and historical price behavior.” With volume backing the move and....
Bitcoin is at a crucial point after several days of recovery and consolidation. On August 5, it experienced a sharp capitulation event, with the price dropping to a monthly low of $49,577. While some investors remain skeptical, believing Bitcoin hasn’t reached its bottom yet, key data from CryptoQuant suggests that the worst might be over. […]
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On-chain data shows Bitcoin miner reserve is growing as miners are accumulating BTC. The Puell Multiple confirms that miners don’t want to sell at the current price level. Bitcoin Miner Reserves Grow To Highest Value For The Year As pointed out by a CryptoQuant post, BTC miner reserve has been going up as miners seem to be waiting before selling. There are two indicators of relevance here. The first is the “miner reserve,” which is a metric that simply measures the amount of Bitcoin that miners are currently holding in their wallets. An uptrend of this indicator implies....