Bitcoin Miners’ $70M Sell-Off: Next Week’s Price Forecast

Bitcoin

Data from on-chain sources reveals that Bitcoin miners took advantage of the price surge from last week to sell more than 2,190 BTC. Let’s explore how this activity might influence Bitcoin’s price in the upcoming week.

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Bitcoin (BTC) achieved a new high for 2023, reaching $35,800 on Thursday, thanks to strong bullish momentum aiming for $40,000. Yet, data from on-chain sources indicates that BTC miners selling off their holdings played a significant role in the price dip when it reached $36,000.

Bitcoin Miners Offloaded 2,190 BTC as Price Crossed $35,500

Bitcoin’s price surged to $35,800 this week, thanks to bullish traders. However, data from Glassnode indicates that Bitcoin miners and node validators took advantage of this rally to sell a considerable portion of their reserves. Before the rally, miners held about 1.832 million BTC, but they sold 2,190 BTC during the price increase, leaving them with 1.830 million BTC.

Bitcoin (BTC) Balance in Miners vs. Price | Source: Glassnode

The “Balance in Miner Wallets” metric monitors changes in the number of BTC in wallets controlled by recognized Bitcoin mining entities. When miners reduce their balances, it’s often seen as a bearish sign, suggesting they are selling a significant amount of BTC. The chart shows that miners started selling once the price crossed $35,412 on November 1 and have continued to do so.

This data suggests that Bitcoin’s price might consolidate in the near term. It’s likely that the price won’t see another significant surge toward $40,000 until miners shift back into accumulation mode.

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Bitcoin Price Forecast: Consolidation around $34,000

On-chain data indicates that Bitcoin’s price is likely to remain around $34,000 during the weekend.

Bitcoin (BTC) Price Forecast, November 4, 2023 | Source: TradingView

Despite recent selling activity by miners, technical indicators, like the Parabolic SAR, suggest that bulls will step in to support the price at $34,000 and potentially drive it higher, aiming for $37,000. This alignment of indicators points to a growing bullish trend.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Salim

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