Bitcoin (BTC) price spent the better part of the weekend consolidating around the $35,000 mark. However, several on-chain data points are now flashing green signals for another BTC price upswing. 

When Bitcoin price hit a new 2023 peak last week, BTC Miners took advantage of the rally to offload part of their reserves. On-chain data show that the miners have had a more positive disposition over the weekend.

Bitcoin Miners Have Snapped Out of Their Selling Activity

Bitcoin price rallied to a new yearly peak of $35,700 as markets reacted positively to the Non-Farm Payroll report for October 2023. Bitcoin miners capitalized on the rally to sell off over 2,000 BTC. This effectively triggered a sharp price retracement below $34,300. 

However, a vital on-chain indicator now shows that the BTC miners have taken on a bullish disposition over the week. The Miners’ Reserves chart below illustrates how BTC node validators halted their week-long selling frenzy to acquire 583 BTC worth approximately $18.5 million. 

As the name implies, the miner wallets metric tracks real-time changes in the balances held by recognized Bitcoin miners and crypto mining pools.

Currently, the miners hold approximately 10% of the total BTC in circulation. Hence, their trading activity often impacts BTC price action significantly. 

If the Miners keep accumulating their block rewards this week, BTC price could continue upward toward $40,000. 

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Author: Ibrahim Ajibade

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