14.07.2024

Bitcoin miners stopped selling mined coins in anticipation of price growth

Now bitcoin miners prefer to store their BTC, rather than sell them on the cryptocurrency markets, as they did when the bitcoin price was above 42 thousand dollars.

This is evidenced by data from CryptoQuant.com, which shows that the Bitcoin Miner Position Index (MPI) has been low since March 6.

“Miners continue to store BTC. MPI has dropped significantly since March 6th. ”

The Documenting Bitcoin team made a similar observation, noting that they included a hodling strategy.

Bitcoin Miner Position Index (MPI)

This can be seen in the graph below.

Bitcoin miner sales

Today, 99,000 bitcoin options expired on Deribit, partly alleviating the pressure from bitcoin on bitcoin this week. In addition, CME Bitcoin futures and Bitcoin options expired, putting an end to fears that BTC will fall below $ 50,000 in March.

Most Bitcoin investors and traders know that historically April has been a good month for BTC. Consequently, holding a cryptocurrency above an important support zone during the expiration of options and futures increases the likelihood of a bullish weekly and monthly close.

Examining the charts shows that April has been the green month for Bitcoin for the past 5 years (data from Bybt.com).

It should be noted that Bitcoin started March around the $ 45K price zone, and the monthly close above $ 50K is still positive for Bitcoin in terms of profitability.

If April develops along the lines of the past five years, Bitcoin may well be able to set a new all-time high. A possible 30% increase in April and a close at roughly $ 52k in March would bring BTC to roughly $ 67,600 by the end of the month.

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