The value of Bitcoin (BTC) has moved beyond $115,000, reaching its highest point in over two weeks, with the upward movement coinciding with a substantial change in behavior from those mining the cryptocurrency.<\/p>\n
Rather than offloading, this key group is choosing to hold, removing a major source of potential selling pressure from the market.<\/p>\n
Historically, Bitcoin miners have been known to sell their holdings, especially during price rallies and in the periods leading up to the halving events that cut their block rewards.<\/p>\n
This cycle tells a different story. According to CryptoQuant analyst Arab Chain, who examined Binance data, miner transfers to the exchange have dropped<\/a> considerably since the start of September, approaching 56,000 BTC. This drop in exchange deposits suggests miners are opting to hold their assets or use over-the-counter (OTC) desks for large sales, which do not directly impact the spot market price.<\/p>\n The shift reflects a broader change in behavior. A previous report from CryptoQuant revealed that miners have been accumulating<\/a> more aggressively than in past cycles, supported by growing institutional adoption and last year\u2019s arrival of U.S. spot Bitcoin ETFs.<\/p>\n The latest analysis indicates that the market is effectively absorbing available supply, and with a major source of selling diminished, the path for further gains appears less obstructed.<\/p>\n \u201cThey may be anticipating an upcoming price increase and are therefore holding assets instead of selling them,\u201d wrote Arab Chain.<\/p>\n Additionally, as noted by another market watcher, JA Maartunn, mining activity itself is intensifying. According to him, the number of active ASIC miners hit<\/a> a record 5.62 million on August 28, a sign that there is heavy ongoing investment and competition in the sector.<\/p>\n Arab Chain believes the drop in BTC miner deposits into Binance is a \u201cpositive short-term signal\u201d that could either help kickstart a new accumulation phase or push on the current uptrend, which may take the OG crypto to $120,000.<\/p>\n Bitcoin has climbed 1.1% over the past 24 hours, trading at $115,357 as of today, September 12. The price bounced between $113,496 and $116,309 during the day, supported by steady buying after last week\u2019s rejection at $113,000. On the weekly timeframe, the asset is up 3.1%, while its monthly chart shows a modest decline of 3.1% following the August peak above $124,000.<\/p>\n According to Marketwatch, Bitcoin\u2019s market dominance is 56% compared to altcoins. Assets like AVAX and DOGE have posted stronger percentage gains this week, but Bitcoin\u2019s stability<\/a> around its two-week high highlights investor confidence. Furthermore, its market capitalization now stands at $2.29 trillion, with 24-hour trading volume close to $49 billion.<\/p>\n The post Bitcoin Price Climbs as Miners Reduce Selling Pressure on Binance<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The value of Bitcoin (BTC) has moved beyond $115,000, reaching its highest point in over two weeks, with the upward movement coinciding with a substantial change in behavior from those mining the cryptocurrency. Rather than offloading, this key group is choosing to hold, removing a major source of potential selling pressure from the market. A […]<\/p>\n","protected":false},"author":0,"featured_media":96055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-96054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/96054"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=96054"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/96054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/96055"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=96054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=96054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=96054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Market Outlook and Upcoming Tests<\/h2>\n