Bitcoin (BTC) failed to overcome the key resistance of $110,000. This stagnation coincides with new selling pressure. Bitcoin miners have begun to liquidate their holdings, taking over from long-term holders (LTHs). Recent on-chain data shows the clear impact of miner selling on Bitcoin in the short term.
The blockchain data reveals significant figures. Bitcoin miners sold approximately $172 million in BTC. This is the largest outflow recorded in nearly six weeks. This activity suggests operators are looking to secure profits. They are doing so amidst ongoing price instability.
On the other hand, the dynamics of long-term holders (LTHs) have shifted. This influential investor group has slowed its selling pace. The supply held by LTHs has decreased by over 46,000 BTC recently. Although some selling persists, the reduction marks a potential shift. It could indicate greater long-term conviction.
Are we facing a bull trap or a necessary market consolidation?
Bitcoin’s price is currently holding near $107,968. It is trading just above the key support of $108,000. Maintaining this level is crucial to prevent a deeper correction. If the impact of miner selling on Bitcoin intensifies, the price could fall. The next support level is located at $105,585, which would mark a two-week low.
However, the scenario is not entirely negative. If miners reduce the pressure and sentiment stabilizes, BTC could recover. A rebound would again target the $110,000 level. A confirmed breakout above that zone would open the path. The asset could rise to $112,500, restoring confidence in the market’s main cryptocurrency.
