Bitcoin miners are showing renewed confidence as the price holds above $100,000. After reaching a three-month high of $103,800 on Friday, May 9, Bitcoin's price had a slow start before resuming its run towards $104,000. Market participants appear to trust the coin to make a play for fresh highs in the coming weeks.
Bitcoin miners, increasingly reactionary since the fourth halving in 2024, also seem to have renewed confidence. On-chain data shows miners holding onto their assets in recent weeks, coinciding with the coin's latest price rally. Alphractal noted in a May 10 post on X that Bitcoin miners are becoming less active in the market, accumulating mining rewards rather than selling them for profit.
The Miner Sell Pressure metric, measuring the selling strength of Bitcoin miners, is at its lowest level since 2024. This metric compares total BTC outflows from miners over the past 30 days with the average amount of coins in their reserves. A low miner sell pressure could be a positive sign for the price of Bitcoin.
According to Alphractal, the Miner Pressure line recently crossed beneath the lower band, suggesting that miners have been holding onto their coins in recent weeks. While miners' selling doesn't have as significant an impact on prices, an extended period of low selling pressure could be naturally bullish. As of this writing, the price of BTC stands at around $104,250, reflecting an over 1% rise in the past 24 hours.
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