Accumulate

Bitcoin

<a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> may have entered a new accumulation phase, according to BRN lead analyst Valentin Fournier. Data from CryptoQuant shows a significant increase in the seven-day moving average of Bitcoin inflow into miners' wallets. This trend indicates that miners are not only accumulating mining rewards but also purchasing Bitcoin directly from the market to boost their reserves. MARA, rebranded from <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a> Digital, recently announced a $100 million Bitcoin purchase, underscoring this trend, according to <a href="https://www.theblock.co/post/307973/brn-analyst-says-miners-appear-to-be-accumulating-bitcoin" rel="noopener noreferrer nofollow">Theblock</a>.
Fournier notes that miners have triggered the Hash Ribbon signal, a long-term bullish indicator. This suggests the end of miner capitulation and an increase in processing power dedicated to mining Bitcoin. Such behavior from miners reflects their confidence in Bitcoin's long-term value. Traders, observing this trend, are likely to stay invested in the top cryptocurrency.
Several catalysts could drive Bitcoin to new highs. The recent release of cooler PCE data, Trump's pro-Bitcoin speech at Bitcoin 2024, and the easing of selling pressure from Mt. Gox and the Grayscale ETF all contribute to a bullish outlook. Fournier believes these factors will spur a strong rally, potentially pushing Bitcoin to new historical peaks.
CryptoQuant's latest data reveals that over 1,900 Bitcoins have flowed into miner wallets in the past week. This includes both mining rewards and coins purchased directly from the market. The increase in the seven-day moving average of mean coin inflow suggests a robust accumulation trend among miners.
HashKey Global Managing Director Ben El-Baz identifies Trump’s conversion to a major Bitcoin advocate as a key catalyst. Trump believes Bitcoin could surpass gold in market value over time.&nbsp;
El-Baz also mentioned that Bitcoin’s "dollar reservoir" function could alleviate some pressure, making a $1 million price point feasible.

Bitcoin Miners Accumulate as Confidence in Market Grows

Ultramining_Eng

Další články publikované 30. 7. 2024

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