Bitcoin Miners Have Stopped Selling
Bitcoin price recently reached a new yearly high of $35,700, causing BTC miners to sell over 2,000 BTC and triggering a price retracement. However, on-chain data now shows that miners have taken on a more bullish stance. The Miners’ Reserves chart reveals that BTC node validators have halted their selling frenzy and acquired 583 BTC worth $18.5 million.
The Bulls are Dominating the Spot Markets
Further confirming the bullish momentum, demand for Bitcoin in the market has surpassed supply. According to Aggregate Order Books data from IntoTheBlock, there are active orders to purchase 55,000 BTC, while only 43,000 BTC are available for sale.
BTC Price Prediction: Is $40,000 a Viable Target?
From an on-chain perspective, the bulls are currently in control of the Bitcoin markets. The Global In/Out of the Money (GIOM) data groups BTC holders based on their entry prices and indicates that BTC must surpass the $38,600 resistance level to confidently reach $40,000. If this resistance is broken, Bitcoin price is likely to reclaim $40,000.
Hot Take: Bitcoin Miners and Bulls Point Towards $40,000
The latest on-chain data suggests that Bitcoin miners have stopped selling and are accumulating BTC, indicating a bullish sentiment. Additionally, demand for Bitcoin exceeds supply in the spot markets, further supporting a potential price increase. If BTC can break through the $38,600 resistance level, it is likely to reach $40,000. However, if the price reverses below $33,000, there is a possibility of bearish pressure. Overall, the current indicators point towards a potential BTC price upswing.
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