Bitcoin Miners Capitalize on Price Surge, Eyeing Key Resistance and Support Levels

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Bitcoin Miners Capitalize on Price Surge, Eyeing Key Resistance and Support Levels
Credit: © Reuters.

The recent surge in Bitcoin 's (BTC) price to over $28,500 has been a boon for Bitcoin miners, who control 10% of the total 19.5 million BTC in circulation. The price boost, spurred by the "Fed Rate Pause" and the approval of " Ethereum Futures ETFs," led miners to sell $280 million worth of BTC from their reserves of 1.94 million BTC, according to an IntoTheBlock chart published on Tuesday.

Bitcoin's significant resistance point stands at $28,200, as suggested by an on-chain indicator supported by the Global In/Out of Money Around Price (GIOM) data. This level is reinforced by the presence of 3.04 million addresses at $28,203. If miners shift their strategy from selling to accumulating, they could potentially stimulate a Bitcoin rally towards the $30,000 mark.

On the flip side, if Bitcoin falls below the $25,000 support level, a bearish trend might ensue. The second largest accumulation zone is significant for potential price movements with a maximum price of $26,543.

This dynamic comes in the wake of Bitcoin miners capitalizing on the recent price surge. They managed to offload a significant portion of their holdings at a high price point, which may have implications for future market behavior depending on whether they continue to sell or start accumulating again.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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