Bitcoin Hits $87K as Miners Accumulate and Buyers Surge
Key Takeaways
Bitcoin has surpassed the $87,000 mark. The price increase is supported by reduced selling activity from miners and investors. At the same time, key market indicators are showing mixed signals. While transfer volume has dropped significantly, buying activity remains high.
Decline in Transfer Volume
Bitcoin’s transfer volume has fallen from $87 billion to $42 billion within a month. This indicates lower trading activity. A decline in this metric may suggest waning interest from market participants. Nevertheless, Bitcoin remains in a critical zone as buyers continue to be active.
Miners Focus on Accumulation
The Miner’s Position Index (MPI) has dropped to -1.5. A negative value indicates that miners are holding onto or even increasing their reserves instead of selling. This could be a sign of an upcoming price rally.
Impact of US and Korean Investors
The Coinbase Premium Index and Korean Premium Index remain positive. These indicators show that investors from the US and South Korea are actively buying Bitcoin. Historically, these markets have played a significant role in price movements.
Derivatives Traders Bet on Rising Prices
The aggregated funding rate has increased. This means that long positions are paying a premium to maintain their positions. A positive funding rate suggests that traders are betting on further price increases.
Our Assessment
Despite the decline in transfer volume, Bitcoin continues to show strong buying activity. The reluctance of miners to sell, along with interest from institutional and retail investors, could push the price even higher. If Bitcoin breaks through the resistance zone between $95,400 and $97,970, further gains could follow. Otherwise, a correction may be imminent. The coming days will be crucial.
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| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $83,857.00 |
| 24h % | -3.85 % |
| 7d % | -0.12 % |
| 30d % | 0.12 % |
| 60d % | -15.84 % |
| 1y % | 18.34 % |
| Market Cap | $1,665,487,687,419.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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