After hitting a three-month high of $103,800 on Friday, May 9th, Bitcoin prices started slowly through the weekend before reaching $014,000. The best cryptocurrencies continue to be held above $100,000, but market participants look to trust the coin and play for new highs over the coming weeks.
Interestingly, Bitcoin Miners, which have been increasingly reactionary since the fourth half of 2024, also seem to renew their confidence in BTC prices. Latest on-chain data shows miners have held assets in recent weeks, consistent with Coin’s latest price rally.
Is Bitcoin Miner preparing for an extension rally?
In a May 10th post on X, Alphractal, the Crypto Analytics platform, revealed that Bitcoin miners are no longer aggressive in the market and are accumulating mining rewards rather than selling for profit. The relevant indicator here is the miner sales pressure metric. This measures the sales strength of a Bitcoin Miner over a specific period.
This metric compares total BTC outflows from miners over the past 30 days with average coins in reserves within the same period. Minor sales pressure indicators provide valuable insight into the behavior and emotions of relevant groups of network participants.
On the highlighted charts, the red color represents high sales pressures between these Bitcoin miners, often causing market conditions to slow down. Green, on the other hand, reflects sales pressures from low miners. This could be a positive indication of the price of Bitcoin.
Source: @Alphractal on X
As shown in the chart above, miners’ sales sell pressure in the red area as the pressure moving average of the miners (blue line) crosses above the upper band (red line). Meanwhile, the miner’s pressure line crosses below the lower band (green line), suggesting that sales pressure from miners is low.
Data provided by Alphractal shows that the minor pressure line has recently surpassed the bottom band, suggesting that network miners have held coins for the last few weeks. The analytics company on the chain added that the metric is at its lowest level since 2024 as it appears miners are waiting for Bitcoin prices to claim a new high.
The Bitcoin market is somewhat mature, so miners’ sales don’t have a significant impact on prices, but the low extension of sales pressure from network participants can naturally be bullish for the best cryptocurrencies. However, Alphractal said the market is seeing interest on new sales as prices move in the coming weeks.
Bitcoin price at a glance
At the time of writing, BTC priced around $104,250, reflecting an increase of over 1% over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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