Bitcoin is at a critical turning point after facing several days of selling pressure and consolidating above the $60,000 mark. While some analysts and investors are anticipating a massive rally in the coming months, key data indicates that the market may not be ready for a breakout just yet. 

Recent on-chain data from CryptoQuant reveals that miners are offloading BTC, with their reserves showing a noticeable decline. This suggests that selling pressure from miners could be contributing to the current slowdown.

Despite the optimism for a future rally, the combination of recent price action and on-chain indicators implies that Bitcoin’s much-anticipated upward surge may still take time to materialize. As the crypto market remains uncertain, traders are watching closely for signs of whether the next move will be a bullish breakout or if further consolidation is ahead. 

For now, BTC is holding steady, but all eyes are on whether it can maintain strength above $60,000 or if more selling pressure will emerge before the anticipated rally begins.

Bitcoin Miners Taking Profits

Bitcoin’s price action has faced downward pressure recently, driven by a series of selling events that pushed it down from local highs. Key data from CryptoQuant, shared by analyst Ali on X, highlights a significant trend involving Bitcoin miners. According to the data, Bitcoin miner reserves have decreased noticeably over the past few days. Miners sold a total of 2,364 BTC in the last six days, equating to roughly $143 million.

Miners’ sizable sell-off is a critical factor influencing Bitcoin’s current price dynamics. The behavior of miners often provides insight into broader market sentiment, and this recent selling spree suggests that miners may be preparing for a deeper correction. It’s possible they are taking profits after the rece

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Author: Sebastian Villafuerte