Bitcoin

Litecoin

Dogecoin

Ethereum

Shiba Inu

<p>Bitcoin (BTC) has seen steady performance recently, trading below $63,000, despite the crypto market facing mixed signals. BTC&#39;s current 124% year-to-date (YTD) growth continues to position it as a leading asset, but factors such as early Bitcoin miner sales and growing anticipation around ETFs are influencing market sentiment.</p><h3 id="miner-outflows-stay-neutral">Miner Outflows Stay Neutral</h3><p>A recent wave of Bitcoin transactions involving five Satoshi-era wallets, which moved a combined 250 BTC (valued at $15.9 million), sparked speculation in the crypto community. These wallets had been inactive since 2009 when they first received mining rewards. However, despite the market buzz, these movements have had a neutral impact on Bitcoin’s price trajectory.</p><p>This lack of influence can be attributed to the 100-day Exponential Moving Average (EMA), which tracks miner activity. According to analyst Darkfost from <a href="https://cryptoquant.com/asset/btc/summary" rel="noopener noreferrer nofollow">CryptoQuant</a>, the 100-day EMA is at its lowest point this year, signaling that miners’ sales are no longer having the same effect on BTC’s price momentum as before. This suggests that while there may be significant miner outflows, they aren’t strong enough to affect Bitcoin’s overall bullish trajectory in the near term.</p><h3 id="strong-price-performance-despite-miner-challenges">Strong Price Performance Despite Miner Challenges</h3><p>In contrast to the neutral impact of miner sales, Bitcoin&#39;s price continues to rise amidst poor mining fundamentals. According to a report from <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-mid-september-2024-bitcoin-chaincheck-1-year-review-edition/" rel="noopener noreferrer nofollow">VanEck</a>, Bitcoin has gained 124% YTD despite the Bitcoin hash price—a measure of miner profitability—dropping by 97%. This indicates a disconnect between miner profitability and Bitcoin’s price, further reinforcing the asset’s resilience.</p><p>While Bitcoin faces resistance around the $64,000 mark, a decisive breakout above this level could trigger a rally toward the $70,000 range. However, if buying pressure falters, a drop back to $54,000 remains possible.</p><h3 id="the-etf-effect-on-bitcoin">The ETF Effect on Bitcoin</h3><p>Further bolstering Bitcoin&#39;s prospects are recent developments in the ETF space. The U.S. Securities and Exchange Commission (SEC) has given the green light to spot Bitcoin ETF options, signaling more liquidity in the market. Analysts have highlighted that spot <a href="https://icogemhunters.com/could-bitcoins-recent-etf-gains-propel-it-to-300k-find-out/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> have accumulated significant BTC in recent weeks, with 6,574 BTC added in just five trading days—outpacing weekly mining production by nearly threefold.</p><p>This accumulation of Bitcoin within ETFs is seen as a key factor driving Bitcoin’s positive price performance, with investors betting on increasing institutional demand for Bitcoin exposure.</p><h3 id="what-lies-ahead-for-bitcoin">What Lies Ahead for Bitcoin?</h3><p>With the SEC’s decision on ETFs and other institutional players like BNY Mellon entering the crypto space, the outlook for Bitcoin remains strong. A potential breakout beyond $64,000 could set the stage for new highs, while continued miner activity and ETF accumulation will likely shape Bitcoin’s trajectory moving into the final months of 2024.</p><p>Bitcoin&#39;s resilience in the face of miner challenges and its ongoing ETF support signals strong upward momentum, keeping investors optimistic for another major rally before the year’s end.</p><p></p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p></p><p><em>Source: </em><a href="https://icogemhunters.com/massive-miner-sales-but-bitcoin-keeps-climbing-will-it-hit-70k-soon/" rel="noopener noreferrer nofollow">ICOGemHunters</a></p><p></p>

Massive Miner Sales—But Bitcoin Keeps Climbing! Will It Hit $70K Soon?

Table of Contents

ICOGemHunters

Other articles published on Sep 22, 2024

African economies show high potential for digital asset adoption

Is Gamefi the Future of Meme Coins?

Investors Analyze Key Levels of BTC, ETH, SOL, AVAX, and SHIB

Solana Unveils ‘Seeker’: Next-Gen Device Boosts SOL Price

Top PolitiFi Tokens to Rally Ahead of Harris-Trump Second Debate

Where Is The Smart Money Being Invested? Ethereum GambleFi Tokens Causes Ripples In The Market As...

Join our free newsletter for daily crypto updates!