Bitcoin

<p>Bitcoin (BTC) price has seen significant movements recently, fluctuating between key support and resistance levels. As Bitcoin price nears critical levels, many traders are eyeing the possibility of a breakout.</p><p>However, with a substantial amount of Bitcoin being sold by miners and wave corrections taking place, the market was in a period of uncertainty at press time. It created a situation where both potential opportunities and risks were building up, leaving traders on edge.</p><h2 class="wp-block-heading" id="h-miners-continue-to-sell-bitcoin-amidst-price-surge"><strong>Miners Continue to Sell Bitcoin Amidst Price Surge</strong></h2><p>Bitcoin miners have taken advantage of the recent price surge, selling significant amounts of Bitcoin. Reports show that miners sold 943 BTC, <a href="https://www.thecoinrepublic.com/2025/04/15/whale-sells-1200-btc-at-loss-analyst-warns-against-premature-bullish-hopes/" rel="noopener noreferrer nofollow">worth approximately $850 million</a>, after a rally in the cryptocurrency’s price.</p><p>This action by miners was a key factor in the ongoing price movements. Selling pressure from miners could contribute to short-term corrections, as they often sell when prices rise to capitalize on profits.</p><div class="wp-block-image"><figure class="aligncenter size-large"><img width="1024" height="576" src="https://www.thecoinrepublic.com/wp-content/uploads/2025/05/image-107-1024x576.png" alt="" class="wp-image-1208092"><figcaption class="wp-element-caption"> Source: X </figcaption></figure></div><p>However, while miners’ selling may pressure the market, it’s important to note that this behaviour is not necessarily a sign of bearish sentiment in the long term. Miners typically sell a portion of their holdings to cover operational costs, especially during periods of high volatility and rising prices.</p><p>The ongoing sell-offs reflected miners’ attempts to maximize profit during favorable market conditions.</p><h2 class="wp-block-heading" id="h-bitcoin-price-technical-analysis-and-the-possibility-of-a-breakout"><strong>Bitcoin Price Technical Analysis and the Possibility of a Breakout</strong></h2><p>On the technical front, <a href="https://www.thecoinrepublic.com/2025/04/15/whale-sells-1200-btc-at-loss-analyst-warns-against-premature-bullish-hopes/" rel="noopener noreferrer nofollow">Bitcoin price</a> was testing a critical resistance level around $97,530 at press time. A breakout above this level could signal further bullish momentum, potentially pushing Bitcoin toward new all-time highs.</p><p>The price has been fluctuating within a range. While there has been some corrective action, the price held strong near the key levels.<a href="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd9iGwEKhV2wl2VYFeml6rBPn2qsxx3GiAXezS9AE7b77yDWYPZPCYwOFo3_VPN9eCR3v0M3v75GRigG6UTMSv-e76RmdnDK3EFPpDQgQiRpdafFFEqH5SyWFBevvOApvWJE6sIeQ?key=LbJd2FN_r0_o_MenTNdCngDW" rel="noopener noreferrer nofollow"></a></p><p>If Bitcoin manages to break the $97,530 resistance, it could quickly approach the $98,300 mark. Analysts were watching for a clean breakout as the price continued to consolidate.</p><p>While the market remains in a corrective phase, this consolidation could set the stage for a breakout. The bullish momentum must pick up in the coming days to make that breakout possible.</p><h2 class="wp-block-heading" id="h-fibonacci-levels-suggest-key-support-zones-for-bitcoin-price"><strong>Fibonacci Levels Suggest Key Support Zones for Bitcoin Price</strong></h2><p>The price action at the time of writing showed signs of a correction within the larger bullish trend. <a href="https://www.thecoinrepublic.com/2025/04/15/whale-sells-1200-btc-at-loss-analyst-warns-against-premature-bullish-hopes/" rel="noopener noreferrer nofollow">Bitcoin price</a> retraced to key Fibonacci levels, which could act as important support zones.</p><p>The 23.60%, 38.20%, and 50% Fibonacci retracement levels at $93,561, $92,171, and $91,047, respectively, were crucial support levels to watch. Those levels indicated where Bitcoin could find support before continuing its upward trend.</p><div class="wp-block-image"><figure class="aligncenter size-large"><img width="1024" height="607" src="https://www.thecoinrepublic.com/wp-content/uploads/2025/05/image-105-1024x607.png" alt="" class="wp-image-1208077"><figcaption class="wp-element-caption"> Source: X </figcaption></figure></div><p>Fibonacci extensions also showed that Bitcoin could face resistance around the $96,375 and $97,585 levels. If the price manages to hold above these key retracement levels, it could indicate that the bullish trend is intact.</p><p>On the other hand, a breakdown below the described levels could suggest further downward movement. In that scenario, BTC price could test lower support areas before any potential rally.</p><h2 class="wp-block-heading" id="h-market-sentiment-and-demand-divergence"><strong>Market Sentiment and Demand Divergence</strong></h2><p>Amidst a week that saw the digital asset reach a new record high, there were observations indicating that the Bitcoin market <a href="https://www.thecoinrepublic.com/2025/04/15/whale-sells-1200-btc-at-loss-analyst-warns-against-premature-bullish-hopes/" rel="noopener noreferrer nofollow">sentiment</a> was still mixed. More than 85% of Bitcoin holders were in profit, which could indicate a state of euphoria in the market.</p><p>This could also mean that it is in the overbought zone. Therefore, a short-term pullback can take place. Furthermore, the 30-day Demand Momentum for Bitcoin remained negative. It signaled a lack of strong demand from short-term holders.</p><p>According to data, long-term holders were accumulating less BTC than short-term holders were distributing. This divergence suggested that the recent price gains could be driven more by traders than by long-term investors.</p><p>Such dynamics tend to occur before the retrenchments in the market, thus raising concerns over the stability of the current Bitcoin price.</p><p>However, the number of active addresses was on the rise. It is a positive sign for the Bitcoin market when it comes to short-term retracements.</p><p>The post <a href="https://www.thecoinrepublic.com/2025/05/03/how-bitcoin-price-is-reacting-to-miners-selling-btc-en-masse/" rel="noopener noreferrer nofollow">How Bitcoin Price Is Reacting To Miners Selling BTC En Masse?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

How Bitcoin Price Is Reacting To Miners Selling BTC En Masse?

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