Bitcoin price has recently failed to break through the $110,000 resistance level, reigniting concerns among investors. The crypto tycoon has been volatile over the past month, struggling to maintain momentum amid profit-taking and weak market confidence.
This volatility currently appears to be impacting miner behavior, indicating a change in on-chain dynamics.
Bitcoin miner on sale
Long-term holders (LTH), one of the most influential Bitcoin investor groups, are slowing the pace of their sell-off. According to on-chain data, the supply held by these organizations has decreased by more than 46,000 BTC in recent days. Although there are still signs of selling, this drop signals a shift to long-term confidence and a potential decline in profit-taking.
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This moderation suggests two important possibilities. LTH is either exhausted from months of selling or confident in Bitcoin’s eventual recovery. The slowing of the distribution provides a slight cushion against downward pressure.
Meanwhile, Bitcoin miners appear to have stepped into the sales role previously held by LTH. After BTC failed to break above $115,000, miners sold around $172 million worth of Bitcoin. This was the largest outflow in about six weeks. This suggests that some miners are trying to secure profits amid continued price instability.
While this amount may seem modest compared to Bitcoin’s market capitalization, miner activity often indicates short-term changes in sentiment. The recent wave of selling reflects mild bearishness and operators’ cautious approach to managing liquidity amid volatile market conditions.
BTC price direction remains unclear
Bitcoin price is currently at $107,968 and is sustaining above the important support level of $108,000. Historically, Bitcoin has slipped through this zone during periods of profit-taking by miners and institutional investors. Holding this support is important to prevent a deeper retracement.
If miners sell more, Bitcoin could fall toward a two-week low of $105,585. This move is likely to cause near-term liquidation pressure and increase investor uncertainty. If the price declines further, the technical support could weaken before $103,000.
However, if miner activity subsides and sentiment stabilizes, Bitcoin could rebound towards $110,000. A confirmation above this level could pave the way for a rally to $112,500 and restore near-term bullish confidence in the market.
