This coincides with lagging active addresses in the network while Bitcoin short-term holders sold off some of their holdings, dragging its value below $63,000., there is a significant decline in the Bitcoin miners’ reserve, reaching its lowest level since April 2021. Such a trend, which has been particularly pronounced since November, typically depicts an increased selling pressure on the crypto asset.
Another “worrying trend” was that active addresses failed to keep up with rising Bitcoin prices this month. At the same time, the crypto analysis platform also observed an increase in profit-taking among short-term holders of Bitcoin, mirroring patterns witnessed during previous market peaks.2024 saw retail investors flocking to spot Bitcoin ETFs in large numbers, which sparked a surge that pushed prices above $74,000.
Nonetheless, the upcoming influx of retail investors could align with the halving event, potentially triggering an even more substantial rally for Bitcoin. Over 93% of Bitcoins have already been mined, marking a significant milestone as the leading crypto asset anticipates its fourth halving, which is scheduled just a month from now.Bitcoin Miner Capitulation Minimal: Hash Ribbon Analysis Offers Hope Amid DipOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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