Riot Platforms transferred 1,500 BTC worth $102.3 million to NYDIG within five days, increasing selling pressure on Bitcoin supply. This move reflected a shift in miners’ behavior toward active distribution rather than retention.
Such transfers usually signal a willingness to sell, increasing pressure within an already compressed structure.
However, this offer did not materialize in isolation as broader currency balances continued to decline.
As a result, supply conditions became fragmented, with local sales coexisting with underlying accumulation.
Bitcoin remains stuck below the $71,000 resistance
Bitcoin traded between $65,000 support and $71,000 resistance, with the price still failing to sustain the upward expansion. The chart showed repeated rejections around $71,000, reinforcing it as a strong ceiling.
Although the price recovered from a round base, the cup and handle pattern remained unconfirmed.
Bitcoin [BTC] hovered near the upper handle limit without a decisive breakout.
MACD reflected a subtle shift as the MACD line crossed above the signal line but remained negative. This crossover suggested early recovery strength rather than confirmed bullish control.
The histogram turned green, indicating decreasing selling pressure.
However, the price remained below resistance, showing that the recovery has not yet translated into a breakout.
The outflow continues despite the sale of miners
Discover Netflows printed – $16.21 million, confirming that Bitcoin continued to leave the exchanges despite the rising distribution of miners.
This pattern indicated that broader market participants still favored holding over selling.
However, Riot’s deposits introduced a competitive force, with offerings coming to market through institutional channels.
This created a difference between miner-led sales and investor-led accumulation.
While exchange rates fell, local selling pressure remained active, preventing the price from rising further.
NVT decrease indicates stronger network usage
The NVT ratio fell 26.21% to 32.96, reflecting improved transaction activity relative to market capitalization. In turn, that decline also suggested that network usage was increasing, even as BTC remained range-bound.
Typically, lower NVT values indicate healthier valuation conditions, as on-chain activity supports price levels.
However, this improvement occurred alongside increasing selling pressure from miners, limiting upward expansion.
The contrast highlighted a market where fundamental strength was improving but where price was struggling to reflect this.
Therefore, valuation conditions appeared supportive, although structural resistance and supply dynamics continued to limit upward movement.
Bitcoin’s long position in derivatives is rising sharply
Financing rates rose 442% to 0.001011, indicating a sharp increase in long position in the derivatives markets.
This increase showed growing confidence among traders who expected upward price movements.
However, the higher funding levels also brought risks, as overcrowded long positions often increased vulnerability to liquidation.
The price remained below resistance during this build-up, suggesting that bullish positioning was extending without confirmation of spot strength.
Consequently, derivatives activity reflected optimism, although the price structure failed to validate this positioning.
In summary, Riot’s $102.3 million sell-off put clear supply pressure, but broader outflows and improving network activity showed underlying demand remained intact.
However, the price failed to break the resistance as derivatives positions were on the long side.
This imbalance suggested that Bitcoin remained in a vulnerable area, where supply absorption continued but lacked the strength needed to produce a decisive breakout.
Final summary
- Riot’s $102.3 million sale of Bitcoin added short-term selling pressure, increasing supply in an already tight price range.
- Bitcoin remained stuck between $65,000 and $71,000, with repeated rejection of resistance preventing a breakout.