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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Surges To $23,000 As Miners Sales Sees Multi-Year Low

Samuel Edyme
Samuel Edyme
1 year ago
2 mins read
Bitcoin (BTC)

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Bitcoin has continued with its bullishness as it surged its price above the USD$23,000 level, a positive signal amid miners reduced the sales of their mined coins. On-chain flows flagged by Bitifinex analysts indicate that the amount of Bitcoin moved from Bitcoin mining addresses to wallets owned by cryptocurrency exchanges has declined to multi-year lows.

Bitcoin transfer volume from miners to exchanges
Bitcoin transfer volume from miners to exchanges. | Source: Bitcoin Archive

Selling Power Low, Favorable For A BTC Rally                      

As per a Bitfinex analyst, Bitcoin miner sales are at a three-year low. The report claims that the selling could be a sign that Bitcoin miners are in the mood to accumulate coins as they expect the surge of prices of the flagship cryptocurrency.

The declined Bitcoin sales from mining companies mean low selling pressure from these market actors. Therefore, it signals bullishness for the broader market.

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The analysts, however, stated that the recent uptick in Bitcoin price might witness a correction as investors try to recoup their profits amid the current price surges.

The analysts identified large wallet sizes (>$1M) as the majorly responsible for accumulating Bitcoin. They further said such wallets, as well as major market actors, are the ones creating the buying pressure that comes after the FTX saga and a series of bearish events generally witnessed last year.

The analysts mentioned that since the second week of January, the numbers of wallets with $1,000 and $10,000 worth of Bitcoin have increased. The analyst further acknowledged that the trading activities of retail investors had accompanied the uptrend.

According to the figure above, the current low Bitcoin selling pressure coincided with the lowest sales in November last year. The current low level signals a green (bullish) indicator for the cryptocurrency.

When miners sell more BTC, it implies a bearish for the coin value. Conversely, when mining firms don’t have the selling urge, this suggests a bullish trend for the crypto market.

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Today’s Bitcoin Price

Bitcoin has surged its value by almost 40% this month, trading at $22,909, up 1.48% on Tuesday. The crypto is trading at levels not witnessed since the downfall of the FTX exchange. BTC volume stands at about $26.82 billion, an increase of 12.78% in the past 24 hours, as per Coinmarketcap.

BTCUSDT price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

As highlighted above, the rise in Bitcoin value could be attributed to whales committed to accumulating coins amid surging prices. The bullish trend is also seen in the global crypto market capitalization, which is trading at a higher level, around $1.06 trillion, up 1.27% in the last 24 hours, according to Tradingview.

Featured image from Unsplash, Chart from TradingView.
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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