Bitcoin Price Surpasses $45,000 as Selling Pressure from Miners Decreases
The price of Bitcoin has exceeded $45,000, accompanied by a decrease in selling pressure from miners, according to on-chain data. Major Bitcoin mining companies listed on the US stock exchange have been increasing their holdings in the cryptocurrency. CryptoQuant reports that Marathon Digital, in particular, has shown a consistent increase in its holdings in recent months. The daily sales by miners have dropped from over 800 Bitcoin per day in November-December 2023 to less than 300 Bitcoin per day in 2024. Despite the decline in profits from Bitcoin network fees, miners are holding onto their reserves.
Decrease in Transactions and Volatility Triggers $114 Million in Liquidations
The data from CryptoQuant also shows a decrease in transactions on the Bitcoin network, dropping to a three-month low of 278,000. The price volatility of Bitcoin crossing the $45,000 threshold has resulted in liquidations of over $114 million in leveraged cryptocurrency positions. Coinglass data reveals that over $49 million in leveraged Bitcoin positions were liquidated, with the majority being short positions. Bitcoin’s market capitalization has increased by over 4% in the last 24 hours.
PlanB Predicts Bitcoin Will Maintain Bullish Trend
The renowned analyst PlanB, creator of the Stock-to-Flow model, expresses confidence that Bitcoin will not fall below $40,000 based on its realized price. Despite initial turbulence caused by ETF approvals in the US, Bitcoin has managed to recover its losses and reach current prices. PlanB interprets the current market price of almost $45,000 as a very bullish sign and suggests that Bitcoin may not fall below $40,000 again. With the ETF already approved and the fourth halving expected within two months, various predictions on BTC price movements in the next year are being formulated.
Hot Take: Bitcoin Price Surges Past $45,000 with Decreased Selling Pressure
The price of Bitcoin has broken through the $45,000 mark, signaling a positive trend in the market. Miners are holding onto their reserves despite a decline in profits from network fees. The decrease in transactions and increased holdings by major mining companies further support this upward momentum. Additionally, the recent volatility has led to liquidations of leveraged positions, indicating high market activity. Analysts like PlanB remain optimistic about Bitcoin’s future performance, predicting that it will maintain its bullish trend and not fall below $40,000. With the approval of ETFs and the upcoming halving, the community continues to make diverse predictions about Bitcoin’s price trajectory.
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