Bitcoin (BTC) made a positive start for the month of March as its printed green indexes on Wednesday. Bitcoin price by more than 2% in the last 24 hours. Amid this price surge, BTC miners have been caught moving their reserves to the exchanges.

As per the data, Bitcoin miners have begun to reduce their reserves amidst the recent price jump. Miners have sent around 400 Bitcoin to exchanges recently. The report added that cumulative miner reserves decline by 1400 Bitcoin since February 24, 2023.

This miner movement can lead to short term selling pressure. However, the level of the moving average of the miner position index (MPI) is still standing low and below. Expert suggests that the recent miner move will affect long term price action.

(By Ashish Kumar)

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