Key Points
- Bitcoin miners have been accumulating BTC since the last halving, expecting a price increase.
- Bitcoin’s value surged by 4% in the last 24 hours, indicating bullish momentum.
Bitcoin miners have been steadily accumulating the cryptocurrency for over a month.
Bitcoin’s value showed a significant increase of 4% in the last 24 hours, suggesting a bullish momentum.
Bitcoin Halvings and Market Trends
Bitcoin halvings are significant events in the crypto world, playing a crucial role in shaping the coin’s future. Following each halving, Bitcoin usually takes time to gain bullish momentum and reach new highs.
Since the last halving occurred a few months ago, it is interesting to observe if Bitcoin is following its past trend.
Ali, a well-known crypto analyst, shared interesting information related to Bitcoin halving cycles on Twitter. According to his tweet, it’s been 119 days since the 2024 Bitcoin halving. In the past two cycles, Bitcoin hit a market top around 530 days post-halving. If the same trend continues, we could be in the early stages of Bitcoin’s bull cycle.
Miners’ Behavior and Accumulation
Since the halving, Bitcoin’s hashrate has remained stable, indicating that miners are continuing their operations at a steady pace.
Data from Glassnode reveals a declining trend in miners’ revenue over the last 30 days. However, there has been a considerable increase in miners’ balance during the same period, suggesting that miners are accumulating Bitcoin in anticipation of a price increase.
Data from CryptoQuant also shows that Bitcoin’s Miners’ Position Index is green, indicating that miners are selling fewer holdings compared to its one-year average.
The Bitcoin Rainbow Chart suggests that Bitcoin is currently in the “accumulation” phase, making it the right time to buy more before the coin’s price gains bullish momentum.
CoinMarketCap’s data reveals that Bitcoin bulls entered the market in the last 24 hours as the coin’s price increased by 4%.
The technical indicator MACD displayed a clear bullish crossover, suggesting that the chances of a continued price increase are high. However, the Money Flow Index (MFI) registered a decline, indicating that investors might witness a few slow-moving days.
