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Miner Selling Pressure Declines, Could Fuel Bitcoin Rally, Blockchain Analysis Shows
Miner outflows have slowed since January. The last time this happened, bitcoin went parabolic.
Selling pressure on bitcoin (BTC) miners has been declining after a major sell-off in January. This could be a positive thing for bitcoin, seen as a “catalyst for prices to float higher,” according to a report by Stack Funds, a provider of cryptocurrency index funds in Asia.
STORY CONTINUES BELOW
- Miners' seven-day outflows are at the lowest level in five years, currently trading around the 1.0 level, according to CryptoQuant, a South Korean cryptocurrency data firm.
- The last time the miner outflow indicator dipped to current levels was back in 2015 when “bitcoin went on a parabolic rise that lasted more than two years,” according to Stack Funds.
- The breakdown in the outflow indicator suggests miner selling pressure will continue to remain low.
- “Overall, most fundamental indicators suggest miners are back into accumulating, and we expect $50,000 to be a strong support handle for bitcoin in the near term,” according to Stack Funds.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
