• Despite recent bouts of decline, Bitcoin remains close to the $10,000-level
• Miners dumped their biggest batch of holdings in months as its price hit a major milestone 

Bitcoin miners have offloaded a staggering 85,503 BTC over the last 48 hours, causing miner balances to drop to approximately 1.95 million BTC – Their lowest level in recent months. In fact, this marks the sharpest fall in miner holdings in 2024.

As expected, this raises questions about its impact on Bitcoin’s price too. 

Bitcoin miners’ selling and price trends

The recent dip in miner balances is the most significant since February, but it has not yet directly affected Bitcoin’s price momentum. An analysis of the miner supply on Santiment revealed that on 5 December, it had a reading of over 2 million.

However, it had dropped to around 1.95 million, at the time of writing. 

Historically, significant miner sell-offs often align with market corrections, but 2024 has seen a divergence between miner activity and price trends. Despite these sell-offs, however, non-mining whales and sharks have continued to accumulate – Highlighting the complexity of market dynamics.

At press time, Bitcoin seemed to be consolidating near its psychological resistance at $100,000. The Relative Strength Index (RSI) highlighted a value of 65.88 – A sign that the asset remains in bullish territory, although overbought conditions were not yet evident.

The Parabolic SAR and moving averages further supported a bullish bias, with the price trading well above the 50-day and 200-day moving averages at $83,504 and $67,953, respectively.