Bitcoin Miners' Revenues Reach a Two-Month High, and They Stop Selling Their Assets. What Does This Mean for the BTC Price?
Bitcoin miners made 552 BTC in profit on Thursday, which is worth more than $37 million at current market prices. This was the highest figure since late August and 12% higher than the previous day's profit of 491 BTC. Notably, this increase in profits meant that miners did not sell their bitcoins for the first time in a month.
This change in miners' holding behavior comes amid a rapid rise in the price of Bitcoin, which is close to its all-time high of $73,764. This may indicate expectations for further growth in the BTC price.
The significant increase in miners' income is due to an increase in average transaction fees, which, according to Messari, increased by 166% in a week, amounting to $5.31.
As revenues grew and Bitcoin was held, miners' net position increased to 658 BTC, marking the first time since September 16 that most market participants decided not to sell their coins.
What does this mean for Bitcoin price? The Relative Strength Index (RSI) is showing strong demand, reaching 67.57. If this trend continues, Bitcoin could break through resistance and reach a new all-time high, surpassing $73,764.
However, if miners start taking profits and selling their assets, the market may face a correction and the BTC price may drop to $64,304 or even lower.
