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Bitcoin Miners Increase Accumulation, but Selling Sentiment Dominates: Analysis

Bitcoin miners have been accumulating more BTC over the past few weeks, but selling sentiment has been dominant in the market. While most altcoins have seen double-digit growth, BTC has been relatively slow to move.

However, BTC recently broke out of its $31k resistance level, and according to Santiment, it was also expected to cross the key resistance level of $31,500 for the first time since June 2022. Additionally, miners have played a part in pushing up BTC's price, as they have shown a stronger inclination to retain their holdings. However, selling sentiment has been dominant in the derivatives market, and BTC's increase in exchange reserves could halt its gains.

Bitcoin Bitcoin $87,433.28
-4.69%
Bitcoin Miners
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