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Bitcoin maintained its bullish momentum over the weekend, consolidating its position above the $90,000 mark. This achievement shows Bitcoin’s resilience as it continues to attract investors with its upward trajectory. The market was filled with optimism as Bitcoin approached new highs. However, recent on-chain data suggests that a potential pullback may be on the horizon.
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Key data from CryptoQuant reveals that Bitcoin miners sold over 3,000 BTC in the past 48 hours. This wave of miners’ profit-taking often indicates a cooling phase, as it brings additional supplies to the market. Although 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 over $90,000 highlights strong underlying demand and strong market sentiment. Investors and analysts are closely watching the coming days to see if Bitcoin is able to absorb the selling pressure and maintain its upward trajectory.
Bitcoin looks very strong
Bitcoin price action has remained strong, breaking all-time highs multiple times over the past eleven days and reaffirming its bullish momentum. However, after this strong upward movement, the market seems to be entering a period of consolidation as some investors and entities are taking profits.
Cryptocurrency analyst Ali Martinez shared key data about X It highlights that Bitcoin miners have sold more than 3,000 Bitcoin in the past 48 hours, worth around $273 million. This selling activity suggests that miners, typically long-term holders, are taking profits amid the recent rally. Such movements are common during strong bull periods and can indicate that market participants expect stabilization or decline in prices in the short term.
While miners selling is a normal part of market dynamics, continued activity of this kind can signal a shift in sentiment. If selling pressure continues, this could push Bitcoin towards areas of lower demand, providing potential re-entry opportunities for marginal investors.
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For now, Bitcoin’s ability to absorb this selling pressure will determine whether the current uptrend remains intact. A short consolidation phase may be beneficial, allowing the market to create a stronger foundation for the next phase. Currently, investors are closely monitoring key levels to gauge the possibility of continued growth or a deeper correction.
BTC is flat above $90,000
Bitcoin is currently trading at $90,600 after a volatile few days that saw the price range between an all-time high of $93,483 and a local low of $86,600. This consolidation comes after strong upward momentum that set new records, leaving investors and analysts closely watching the next moves.
Despite the recent cooling, Bitcoin price action remains strong, supported by increased demand and generally bullish sentiment. If Bitcoin can hold above $86,000 over the next few days, a renewed rally to challenge and possibly surpass its all-time high seems plausible. The market has shown resilience, with new demand continuing to emerge even as minor profit taking occurs.
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However, there is a risk of a deeper bounce. If Bitcoin loses the support at $86,000, it will likely test lower demand levels, looking for a strong base to fuel its next upward move. Key support areas can provide the basis for renewed buying interest and pave the way for the next bullish phase.
Featured image by Dall-E, chart from TradingView