- Bitcoin held steady above $90,000 despite increased miner selling and profit-taking.
- Data from the chain pointed to a potential consolidation phase before the next possible outbreak.
Bitcoin [BTC] has maintained strong bullish momentum, remaining above $90,000 and approaching new all-time highs.
However, recent on-chain data shows that bitcoin miners have sold more than 3,000 BTC in the last 48 hours, possibly signaling a near-term pullback.
While profit-taking by miners could lead to increased supply, Bitcoin’s ability to sustain above $90,000 indicated strong market confidence, in addition to the start of a consolidation phase.
Bitcoin miners take profits
Crypto analyst Ali Martinez recently pointed out that Bitcoin miners sold more than 3,000 BTC, worth about $273 million, in the last 48 hours.
Source: Ali Martinez on X
This increase in miner sales typically signals a cooling off period as miners, often seen as long-term holders, take profits during periods of rapid price growth.
Such behavior is common in strong bull markets and indicates that the market could be preparing for a brief pause or price correction in the near term.
Source: CryptoQuant
The miner outflow chart showed significant spikes in Bitcoin leaving miners’ wallets, coinciding with the recent price increase.
Historically, such selloffs indicate miners are locking in profits, possibly signaling a cooling-off period.
Source: CryptoQuant
Bitcoin’s strong network health was also proven, with hashrate levels reaching new highs.
This growth reflected increased network security and competitiveness, highlighting miners’ confidence even as they lost some of their assets.
A rising hashrate underlined positive long-term fundamentals despite short-term selling pressure.
Bitcoin is strong
Source: TradingView
Bitcoin’s price has been rising relentlessly, hitting new all-time highs multiple times over the past eleven days – clear evidence of continued bullish momentum as the price stands strongly above the $90,000 level.
However, after such a strong rally, the market appears to be entering a consolidation phase as profit-taking from both investors and miners gains momentum.
Consolidation phase in sight?
Bitcoin’s current consolidation phase above $90,000 is a natural and beneficial step after its explosive rally.
Consolidation allows the market to absorb recent gains, shake out weaker hands and build a stronger foundation for the next move.
Key support levels, especially in the $88,000-$90,000 range, will be crucial for maintaining the bullish structure.
A decline below these levels could signal increased selling pressure, potentially triggering a deeper correction, while a strong defense of this range could reaffirm market confidence and pave the way for further growth.
Read Bitcoin’s [BTC] Price forecast 2024–2025
Despite short-term selling pressure from miners and profit-taking from investors, Bitcoin’s fundamentals remain robust.
Should Bitcoin sustain these levels, the possibility of a breakout towards $100,000 could become increasingly likely, positioning the ongoing consolidation as a crucial stepping stone to further price gains.
