Bitcoin [BTC] Miners Have Been Offloading Significant Holdings, Cashing in Over $27 Million in Realized Profits

Bitcoin [BTC] miners have been offloading significant holdings, cashing in over $27 million in realized profits. This came at a time when BTC appeared to be adjusting within a key price range.

Bitcoin [BTC] miners appeared to be aggressively offloading their holdings, realizing over $27.2 million in profits. This came at a time when BTC appeared to be adjusting within a key price range, trading between $83,000-$84,000.

As miners engaged in a round of profit-taking, questions arose regarding the potential impact on BTC’s next move. Will this sell pressure cap Bitcoin’s upside, or is the market absorbing these liquidations?

Bitcoin miners’ profits spike

According to recent data from CryptoQuant, early Bitcoin miners have massively profited from the recent rally, especially after BTC pulled back from its highs above $90,000.

According to CryptoQuant data, miners realized around $27.234 million in profits on 12-hour candles.

Historically, such profit-taking by miners can indicate a short-term cooling period for Bitcoin’s rally, leading to either consolidation or a potential retracement.

According to Glassnode’s miner net position change chart, there was continued selling pressure as outflows surpassed inflows.

This signaled that miners appeared to be reducing their holdings rather than accumulating, which could reinforce the possibility of near-term price weakness.

Miners appeared to be securing some profits as BTC adjusted within the $83,000-$84,000 range. However, if BTC manages to sustain support and bounces back, it could signal a period of accumulation by miners.

According to Glassnode’s data, despite the selling spree, Bitcoin miners still held a substantial amount of BTC, currently standing at 776,188 coins.

The rate at which these holdings decline signals their outlook on price movements. If the rate of change in miners’ coins was slowing down, it could indicate that miners are becoming less eager to sell and might be anticipating another bullish leg.

If BTC manages to maintain its current support levels, a resurgence in buying interest could help in stabilizing prices. On the other hand, if miners continue liquidating and selling pressure persists, Bitcoin might struggle to break past key resistance levels, particularly near $87,000-$90,000.

Key levels to watch

Bitcoin was trading at $83,289 at press time. The 50-day moving average was at $87,400, while the 200-day moving average stood at $95,916. Surpassing these levels was essential for BTC to continue its bullish journey.

Immediate support was at $82,500. A breakdown below this level could open the doors to further declines toward $80,000.

Key resistance was at $87,000. A decisive move above this mark could trigger renewed bullish momentum.

With miner selling ramping up, BTC’s ability to hold its ground will be crucial in determining its next move.

Traders should watch for shifts in miner behavior, as continued sell-offs could stall Bitcoin’s upside, while stabilization might pave the way for a rebound.