Bitcoin (BTC) Enters Price Discovery After Miners Start Selling Their Coins

Bitcoin has entered price discovery after repeatedly breaking all-time highs over the past week. The price surged an impressive 38% in under ten days.

Bitcoin price encountered a minor setback on Thursday as traders assessed the impact of BTC selling by miners and a slowing buying momentum. The price dropped to a low of $89,370 during the early trading hours, marking a 7% decrease from the recent all-time high (ATH) of $93,483.

After an aggressive buying period that saw Bitcoin reach new price discovery levels, the pace of buying has slowed in recent days. This slowdown coincides with increasing BTC sales by miners, including a large movement of 2,000 BTC from a miner who was active during the Satoshi era. A portion of these coins was sent to exchanges, indicating active profit-taking among miners.

Despite the sell-side pressure, Bitcoin price remained above the key $85,000 support level, suggesting that the bullish momentum is still strong. This consolidation phase is crucial in determining whether BTC will continue its upward trajectory or face a deeper correction.

If Bitcoin manages to hold above the $85,000 mark in the coming days, a surge toward new highs could be expected. The $90,000 level is acting as the next resistance, and a successful breakout could pave the way for another leg up. The market sentiment remains bullish, and strong support around $85,000 could act as a launchpad for a challenge to the previous ATH.

However, if Bitcoin fails to reclaim the $90,000 mark and drops below the $85,000 support level, the price could test lower demand zones. The next potential support lies around the $82,000 range, where buying pressure may increase. A break below this level could signal a deeper correction, but the bullish momentum is still intact as long as the $85,000 support holds. Traders will closely monitor these levels to gauge Bitcoin’s direction in the short term.