Bitcoin has maintained its bullish momentum over the weekend, solidifying its position above the $90,000 mark. This milestone showcases Bitcoin’s resilience as it continues to captivate investors with its upward trajectory. The market has been buzzing with optimism as Bitcoin inches closer to new highs. However, recent on-chain data suggests that a potential pullback could be on the horizon.
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Key data from CryptoQuant reveals that Bitcoin miners have sold over 3,000 BTC in the past 48 hours. This wave of miner profit-taking often signals a cooling phase, as it introduces additional supply into the market. While the selling activity is not uncommon during periods of strong price action, it could lead to a short-term consolidation phase below the all-time high of $93,400 set earlier this week.
Despite this, Bitcoin’s ability to hold above $90,000 highlights strong underlying demand and robust market sentiment. Investors and analysts are closely watching the coming days to see if Bitcoin can absorb this selling pressure and maintain its bullish trajectory.
Bitcoin Looks Very Strong
Bitcoin’s price action has remained robust, breaking all-time highs multiple times over the past 11 days and reaffirming its bullish momentum. However, after such an aggressive upward movement, the market appears to be entering a period of consolidation as some investors and entities lock in profits.
Crypto analyst Ali Martinez shared key data on X that highlights that Bitcoin miners have sold over 3,000 BTC in the past 48 hours, valued at approximately $273 million. This selling activity suggests that miners, typically long-term holders, are taking profits amid the recent surge. Such moves are common during strong bull runs and can indicate that market participants anticipate a short-term price plateau or retrace.
While miner selling is a natural part of market dynamics, sustained activity of this kind could signal a shift in sentiment. If selling pressure persists, it might push Bitcoin toward lower demand zones, providing potential re-entry opportunities for sidelined investors.
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Currently, Bitcoin’s ability to absorb this selling pressure will determine whether the current bullish trend remains intact. A brief consolidation phase may…
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