Bitcoin (BTC) Miner Activity: The ongoing Bitcoin (BTC) rally is strongly supported with similar sentiments in the form of on chain indicators. The positive sentiment is so deeply playing out in the market that even the miners are reluctant to sell their BTC holdings. This could well be a massive bullish sign for potential upside movement in the coming weeks. This is even more important considering the upcoming Fed rate hike announcement from the February FOMC meeting.
Also Read: How Far Will Bitcoin (BTC) Rally In February If Fed Pivots Rate Hike?
The solid resistance to sell BTC from the miners could also be a strong signal for potential upside to the altcoins as well. The Fed’s FOMC is set to meet between January 31 and February 1, when the committee could likely raise the interest rate by 0.25%. This outcome could favor an upside move for Bitcoin (BTC) and altcoins as more traders might look to enter crypto positions to protect from inflation related losses. On the other side, the U.S. Dollar Index (DXY) is on a downward trajectory in recent times, in what could be supportive of BTC price rise.
Bitcoin Miner Sales Stoop Low
NEW: Selling pressure from #Bitcoin miners hit multi-year low. Bullish pic.twitter.com/2H7lLaRhqP
— Bitcoin Archive (@BTC_Archive) January 24, 2023
The selling orders from Bitcoin miners is currently at its lowest level in the recent years. While the BTC transfer volume from miners to exchanges spiked after the FTX collapse in 2022, the volume is at its lowest range since 2020. This means the miner community is sure of a further BTC price rise and look to take profits. As of writing, BTC price stands at $22,888, almost from compared to the last 24 hours, according to price tracking platform CoinMarketCap.
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