Bitcoin Miners BTC Holding Hit Six-Month High Amid Sustained Accumulation
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Ever since the devastating crypto sell-off in 2020, Bitcoin (BTC) miners’ reserves have maintained a positive growth trajectory and have just reached a six-month high.
Meanwhile, recent on-chain data revealed that BTC reaccumulation has returned to September highs, the eve of the ongoing Bitcoin bull run.
In June, a significant amount of BTC miners offloaded large amounts of their holdings within a relatively short period. As expected, this had a debilitating effect on the price of the benchmark cryptocurrency, which was retracing from the all-time high recorded in April.
However, miners have since switched stance and have begun accumulating more. After maintaining a HODLing streak for several months, miners’ positions have swelled significantly in December, as it touches a fresh six-month high.
Analytics provider CryptoQuant asserted that the market is still “very bullish,” considering that miners now control more coins than they did when the primary cryptocurrency recorded its $69K all-time high.
The analytics platform noted that another bullish sentiment confirmation is that large entities have begun moving significant amounts of BTC away from centralized exchanges. CryptoQuant added that the current Bitcoin scale resembles that of September’s when the cryptocurrency spiked by roughly 70% within a few weeks.
Key Bitcoin Levels to Watch — December 26
Following the “Santa Claus rally” on Thursday, BTC appears to have lost momentum at the $51.4K barrier. As noted in a previous analysis, the benchmark cryptocurrency needs to close above the $51.4K pivot top to cement a bullish sentiment and make its way back to the upper-$50,000s.
Instead, the cryptocurrency has recorded a mild rejection from the $51.4K resistance, which sent it to the $49.5K support earlier today. Regardless, BTC bulls immediately came online, depriving bears of any chance to act on the price. That said, BTC remains under the unwavering bullish sentiment and should retest the $51.4K top in the coming days.
Meanwhile, my resistance levels are at $50,000, $50,500, and $51,400, and my key support levels are at $49,500, $48,500, and $48,000.
Total Market Capitalization: $2.35 trillion
Bitcoin Market Capitalization: $945.8 trillion
Bitcoin Dominance: 40.2%
Market Rank: #1
