BTC price climbed above $47,661 on Feb. 9, with the much-anticipated fourth Bitcoin halving event now 70 days away, more bullish action could follow. 

Vital on-chain data trends suggest Bitcoin miners and strategic investors shifting focus to the forthcoming halving event could be behind the recent BTC price upswing. 

Can the bulls capitalize on the momentum boost to reclaim $50,000? 

Bitcoin miners have cut down selling pressure by 25% 

On Feb. 9, Bitcoin price hit a daily timeframe peak of $47,661. Per Coinmarketcap, this is the highest the pioneer cryptocurrency has traded since the market euphoria that heralded the BTC ETF approval verdict on Jan. 11. 

The recent price uptick is being attributed to deepening institutional adoption and Bitcoin miners and making bullish bets ahead of the next halving event. 

Now, 70 days away, Bitcoin’s 4th halving event will occur when the number of blocks reaches 840,000 in April 2024, cutting reward issues to miners from 6.25 to 3.125 BTC per block mined. 

Historically, miners on proof-of-work networks like Litecoin (LTC) and Dogecoin (DOGE) often make strategic efforts to accumulate reserves when a halving date draws close. This phenomenon appears to have reared its head on the Bitcoin network in recent weeks. 

CryptoQuant’s miner-to-exchange chart monitors the daily count of transactions involving miners depositing coins into exchanges and trading platforms, essentially serving as a proxy for measuring real-time changes in the miners’ selling pressure. 

The chart below shows that transactions from recognized miners to exchange-hosted wallets have declined by 25%, from 278 to 208, between Feb. 2 and Feb. 8. 

When miners cut down on their selling pressure as observed above, it impacts the asset price positively. Firstly, it reduces the number o

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Author: Ibrahim Ajibade

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