bullish

Bitcoin

when

<p><a href="https://coinpedia.org/news/crypto-price-today-oct-2nd-2024-bitcoin-falls-to-61k-ethereum-and-solana-drop-sharply/" target="_blank" rel="noreferrer noopener">Bitcoin just fell sharply</a> as October begins, a month that traders usually see as a bullish month with an average gain of 22%. The price has dropped nearly $5,000 and is now sitting at $60,798. Despite the current market downturn, there's a silver lining for Bitcoin. Miners are reducing their inflow to exchanges, which could be a bullish sign for a market recovery.</p>   
<h2 class="wp-block-heading" id="h-miners-reduce-exchange-inflows">Miners Reduce Exchange Inflows</h2>   
<p>According to CryptoQuant analyst Axel Adler Jr, miners are starting to cut back on their inflows to exchanges after a notable increase in sales following the Bitcoin halving. This reduction is significant, as it could reflect a change in sentiment among miners.&nbsp;</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/AxelAdlerJr/status/1841737821981135026 
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<p>Historically, when miners hold onto their Bitcoin instead of selling, it can signal a bullish outlook for the cryptocurrency. However, the 30-day <a href="https://coinpedia.org/traders/what-is-moving-average-indicator/" target="_blank" rel="noreferrer noopener">moving average</a> (MA) indicates that miners are decreasing their inflow to exchanges.&nbsp;</p>   
<p>Adler highlights that this trend may be a positive sign amid market turmoil. While many traders might feel anxious <a href="https://coinpedia.org/news/bitcoin-at-crossroads-will-it-crash-to-52k-or-surge-to-130k-analyst-weighs-in/" target="_blank" rel="noreferrer noopener">about the current price drop</a>, the fact that miners are pulling back their sales could suggest stronger future demand for Bitcoin.&nbsp;</p>   
<p>If miners believe that prices will rise, they are likely to hold onto their assets rather than flooding the market with sales.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-eyeing-for-100k">Bitcoin Eyeing For $100k</h2>   
<p>Adding bullish to the analysis, well-known crypto analyst Jelle explains that the $60,256 level can act as both support and resistance. If Bitcoin can stay above it, it could show strong signs of a rising price</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/CryptoJelleNL/status/1841764929205842374 
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<p>Jelle believes that if <a href="https://coinpedia.org/price-analysis/bitcoin-crash-btc-price-hits-60k-will-it-crash-more/'" target="_blank" rel="noreferrer noopener">Bitcoin holds above this key level</a>, it might start a bullish trend that many traders have been waiting for. He mentions that this could lead to a breakout from a falling wedge pattern.&nbsp;</p>   
<p>Jelle targets $100,000 for Bitcoin, based on historical price trends. If Bitcoin breaks through this key resistance level and maintains its position, reaching this target could be achievable.</p>   [post_titles_links postid="359385"]

Bitcoin Dips to $60K: Miners Reduce Exchange Inflows, Signaling a Bullish Turn?

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