Data from the chains show that Bitcoin’s mining reserve has recently shown a sharp spike, suggesting that miners are currently loading crypt.
Bitcoin Miner Reserve Shoots Up; Last year’s accumulation trend continues
As the analyst pointed out in CryptoQuant, BTC’s mining reserve has shown a strong uptrend recently. This seems to be a continuation of last year’s cumulation trend.
The “mineral reserve” is an indicator that tells us the total amount of Bitcoin currently in miners’ wallets.
When the gauge trend is up, it means that mining stocks will increase as they collect more coins. Such a trend may be upward in terms of coin price, as it indicates that miners are currently collecting BTC.
On the other hand, the downward trend in the indicator suggests that miners have started burning their Bitcoins. Such a trend is naturally downward in the price of krypton, as miners tend to sell in large quantities.
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Here is a chart showing the trend in BTC’s mining reserves over the last couple of years:
Looks like the value of the indicator has showed sharp uptrend recently | Source: CryptoQuant
As can be seen from the chart above, the mining reserve has been gradually rising since May. A few days ago, when the price of Bitcoin dropped to $ 39,000, the meter showed huge spikes as miners bought the bill.
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Miners have traditionally been big sellers in the market because they have had to sell part of the mine to keep their business running. However, as the price of BTC has risen and their machines have evolved to be more advanced and efficient, miners have begun to sell less because it is enough to sustain electricity and other mining costs.
The miners, who originally always put selling pressure on the market, have now been moving towards scammers for a couple of years now. This can be quite a rise in the price of a coin in the long run.
At the time of writing, the price of Bitcoin is floating at about $ 42,000, down 0.6% over the last seven days. Over the past month, the crypt has lost 10 percent of its value.
The chart below shows the trend in BTC’s price over the last few days.
BTC's price plunges down after breaking above $44k | Source: BTCUSD on TradingView
BTC managed to reach as high as $ 44.4,000 on its final rise, but today the crypt has once again dropped and wiped out the winnings of the last couple of days.
Featured image from Unsplash.com, charts from TraadingView.com, CryptoQuant.com