2024

Bitcoin

April

In a striking development, <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a>' reserves have plunged to levels unseen since April 2021, a movement that underscores the intensifying pressure within the cryptocurrency market. This sharp decline, documented meticulously by CryptoQuant, marks a significant turning point, revealing an enhanced selling momentum that has been building up, particularly since November last year. The dwindling reserves are a direct reflection of miners capitulating in the face of profit-taking and a bearish price trajectory for Bitcoin, which recently faltered below the $63,000 mark, according to <a href="https://cryptopotato.com/bitcoin-miners-reserves-plummet-to-april-2021-lows-amid-profit-taking-and-btc-price-decline/">Cryptopotato</a>. 
The correlation between active addresses and <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> dynamics presents another worrying trend. Despite a brief uptick in Bitcoin's value, active network participation has lagged, suggesting a lack of broader market support for the recent price rally. This scenario is mirrored in the behavior of short-term Bitcoin holders, who, seizing the opportunity presented by the fleeting surge, engaged in profit-taking activities reminiscent of those observed during previous market peaks. This collective move to realize profits hints at a potential pivot in Bitcoin's price direction, one that market watchers are keenly observing. 
The year 2024 initiated a wave of retail interest, particularly towards spot Bitcoin ETFs, igniting a price surge that briefly pushed Bitcoin above the $74,000 threshold. However, the enthusiasm was short-lived, as a subsequent downturn erased over 15% in weekly gains and led to substantial market liquidations. Amidst these fluctuations, the upcoming Bitcoin halving event looms large, anticipated to catalyze a significant market rally. This event is particularly noteworthy as it coincides with Bitcoin having over 93% of its total supply mined, underscoring the increasing scarcity of this digital asset.&nbsp;

Bitcoin Miners’ Alarm: Reserves Hit Historic Low, Signals Market Shakeup

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