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NewsBTC 2021-08-10 19:00:54

Bitcoin Miner Reserves Close To May ATH As Bull Rally Continues

On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues. Bitcoin Miner Reserves Reach Close To May ATH Levels As pointed out by a CryptoQuant post, the BTC miner reserves seem to be on the rise, and look to be close to the levels seen during the 9 May all-time-high (ATH). The BTC miner reserves is an indicator that shows how many coins miners are holding in their wallets. More the value of this metric, less the selling pressure for miners in the market. Related Reading | S2F Creator Beckons Beginning Of Second Leg Of Bitcoin Bull Run On the other hand, there is some selling pressure among miners if the indicator is on the decline. A lack of selling pressure can be bullish for the crypto as miners generally sit on large piles of coins. If they start selling, the price can possibly immediately go down. Now, here is how the Bitcoin miner reserves chart looks like right now: The BTC miner reserves seem to be going up As the above graph shows, while the current value of the indicator is still less than the one seen during the May ATH, it’s close enough. This rise in the Bitcoin miner reserves could prove to be positive for the current Bitcoin bull rally as miners seem to be expecting higher prices still. On the topic of miners, it looks like the BTC hashrate is also gradually moving up. The below chart highlights this trend. The BTC hashrate slowly move...

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