After reaching a three-month summit of $ 103,800 on Friday May 9, the Bitcoin price started on weekends on weekends before resuming its race around $ 014,000. While the first cryptocurrency continues to keep above the $ 100,000 mark, market players seem to trust the medal to play a game for fresh summits in the coming weeks.
Interestingly, Bitcoin minors, who have become more and more reactionary since the fourth in 2024, also seem to have renewed confidence in the BTC price. The latest chain data show that minors have kept their assets in recent weeks, coinciding with the last price rally.
Are Bitcoin minors preparing for an extended rally?
In an article on May 10 on X, the Alphractal cryptographic analysis platform revealed that bitcoin minors become less active on the market, accumulating their mining awards rather than selling them for lucrative purposes. The relevant indicator here is the metric of sales pressure of minors, which measures the sales force of bitcoin minors over a given period.
This metric compares the total BTC minors outings in the last 30 days with the average amount of parts in their reserves during the same period. The minors’ sales pressure indicator provides a precious overview of the behavior and the feeling of a relevant group of network participants.
In the high graphic, the red color represents high sales pressure among these bitcoin minors and is often correlated with a slow market condition. The green color, on the other hand, reflects the sale pressure of low minors, which could be a positive sign for the price of bitcoin.
Source: @Alphractal on X
As shown in the above graph, the metric for the sale of minors enters the red territory when the movable average of the minor pressure (blue line) crosses the upper strip (red line) – signaling an intense downward pressure of minors. Meanwhile, the minor pressure line is crossed under the lower strip (green line), suggesting low sales pressure of minors.
According to the data provided by Alphracttal, the minor’s pressure line recently crossed under the lower strip, suggesting that network minors have kept their parts in recent weeks. The chain analysis company has added that this metric has been at its lowest level since 2024, because minors seem to wait until the price of Bitcoin requires new heights.
Although the bitcoin market has matured somewhat so that the sale of minors does not have as much significant impact on prices, an extended period of low sales pressure of the network participants could be naturally optimistic for the first cryptocurrency. Alphractal, however, noted that the market could see a renewal of sales interest as prices are changing in the coming weeks.
Bitcoin Price at a glance
To date, the BTC price amounts to around $ 104,250, reflecting an increase of more than 1% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock star image, tradingview graphic
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