Bitcoin

Read

View

<p class="is-style-lead">The bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/">BTC</a>) miner netflows volume has plummeted to -$75,270, marking the lowest point in the past month.</p>



<p>This decrease suggests miners are refraining from selling their BTC, demonstrating their belief in an impending bitcoin recovery as the broader crypto market slips into the green territory.</p>



<p>The development was highlighted by behavior analytics resource Santiment in a recent tweet. Data from the Santiment chart shows that miner outflows remained relatively stable following a massive decline observed in mid-March. The metric has continued to fluctuate since then.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">📉 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Miners&#39; Netflow Volume (7d MA) just reached a 1-month low of -$75,270.42<br><br>Previous 1-month low of -$66,553.91 was observed on 01 May 2023<br><br>View metric:<a href="https://t.co/SWRnCyqAn6" target="_blank">https://t.co/SWRnCyqAn6</a> <a href="https://t.co/amfz0TjQ43" target="_blank">pic.twitter.com/amfz0TjQ43</a></p>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1660877123949670400?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 23, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The recent drop comes from a perceived recovery campaign in the crypto market. Notably, most crypto assets are in the green, with BTC and ether (ETH) respectively registering gains of up to 1.87% and 2.21% in the past 24 hours. The behavior of BTC miners, who hold a substantial market share, suggests an uptick in bullish sentiments.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/shiba-inus-price-rises-as-the-burn-rate-explodes/" class="cn-block-related-link__link">
            Shiba Inu’s price rises as the burn rate explodes        </a>

    
</div>


<p>The reluctance to sell their <a href="https://crypto.news/glassnode-says-big-bitcoin-price-swings-may-be-coming/">bitcoin</a> amidst the market-wide recovery is triggered by anticipation of bullish movements in the coming weeks. In turn, the positive market sentiment and increased profitability for miners could provide a strong foundation for bitcoin&#8217;s upward trajectory.</p>



<p>Meanwhile, the BTC market is observing a dull period, with prices consolidating around the $27,000 region for several weeks. Technical analysis suggests that an imminent breakout could follow this consolidation. </p>



<p>However, investors remain cautious and uncertain of the asset&#8217;s trajectory due to the prevalent sideways movement. This sideways trend signifies a conflict between the bulls and the bears as each group battles to determine the next price direction.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1011" height="601" src="https://crypto.news/app/uploads/2023/05/BTC-price-May-23.png" alt="Bitcoin miner netflows hit monthly lows amid recovery campaign - 2" class="wp-image-14159923"><figcaption class="wp-element-caption">BTC price &#8211; May 23 | Source: Trading View</figcaption></figure>



<p>Meanwhile, BTC is trading for $27,299 at the time of reporting, trading flat in the past week. Following a 1.31% decline on May 21, the asset is looking to register two consecutive intraday wins by today&#8217;s close. BTC needs to flip the $27,500 territory to support having a go at $28,000.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/japan-to-impose-stricter-crypto-aml-measures-from-june/" class="cn-block-related-link__link">
            Japan to impose stricter crypto AML measures from June        </a>

    
</div>

Bitcoin miner netflows hit monthly lows amid recovery campaign

crypto.news

Other articles published on May 23, 2023

CoinMarketCap Live x ApolloX: Discover ApolloX V2 — May 19, 2023

BANK OF LYDIA

NFT Influencer Faces Allegations of $7M Token Pre-Sale Fraud

Solana first layer 1 blockchain to incorporate AI via ChatGPT

Enabling Scalability and Innovation for Web3 Adoption: An Exclusive Interview with Ankr

Massive Shiba Inu Burn; Suspicious Transaction of 1.2B Tokens Detected

Join our free newsletter for daily crypto updates!