The latest data from the July 30 series suggests that miners are giving up on selling Bitcoin (BTC). According to the analytical resource Glassnode, the flows from miners to stock exchanges have increased dramatically in the last 24 hours.

There are three possible reasons why a miner at the exchange rate has no significant impact on the bitcoin price. First, potential mining sales coincide with Bitcoin $ 1100 discount.

Second, while the 46.5% increase looks good, at current BTC prices it is only $ 94,000. Given that the bitcoin trading market is said to process $ 24 billion a day, this is not a relatively large amount of BTC. Third, some market commentators say that the short-term structure of the BTC market, along with strengthening fundamentals, paints a positive picture.

Bitcoin has already been rejected with 11,400 dollars
On July 28, the price of Bitcoin topped $ 11,400 across several exchanges. Since then, the price of BTC has fallen to $ 10,800, down 5%.

According to data from ByteTree, miners sold about 510 BTC more than they extracted in the last seven days. In one week, miners produced 6,566 BTC, sold 7,060 and registered negative, secondary shares.

Given that the price of Bitcoin has actually fallen by 5% in the last 48 hours, there is a high probability that the market has been priced to sell miners. In that case, it is unlikely that this additional offer will affect BTC / USD in the short term.

Not much net spending
In addition, the 500 BTC net expenses are low compared to the typical network miners who spend most weeks. Miners may have sold a little more than BTC to cover the costs, but this may mean that net expenses will decrease in the coming weeks.

Historical data shows that miners often sell most of the bitcoins they regularly mine. For example, an order to sell 500 BTC on the stock market, equivalent to $ 5 million, is not high or relatively rare.

Short-term convincing market structure
Meanwhile, traders are seeing a positive short-term trend for Bitcoin due to the recovery from the recent downturn. After the BTC fell to $ 10,800, it quickly reached over $ 11,000.

Initially, BTC experienced a breakdown from $ 11,200 to $ 11,400. According to the latest technical analysis, a return of 11,000 dollars and an hour of strong candlestick can affect speed.

Johnny Moe, and Bitcoin trader, notes:

“If you choose short-circuit shorts, this is the kind of candlestick that will make you think about coverage.”

The market bias around Bitcoin seems to be recovering. Data from Binance Futures shows that 58% of the “best traders” on the platform are long in BTC.

While the market is still the overwhelming majority, the price action eased earlier this week. Financing rates on fixed futures fell across the board. This indicates that the market is less hot and that traders see a favorable market structure in the short term.

Despite the high level of mineral flows to the stock market, the amount of BTC held in the stock market has fallen to its lowest level since the right to bullish in the summer of 2019. The result is a decent size, neutral futures market and seller converges. The relatively young mines support bitcoin momentum.

Source: CoinTelegraph