Bitcoin faces a short -term withdrawal where miners get profit star-news.press/wp

Bitcoin has regained a little after it has reached the highest new level ever near 123,000 dollars, as miners seem to book profits.

Bitcoin (BTC) decreased about 5 % of its last peak and is circulating by about $ 117,538 from the time of the press. Although there is still some momentum in general, there are signs of pressure in the short term in the appearance, especially from miners and long -term holders.

According to July 16 analysis By Cryptoquant contributor avocado_onchain, the mining workers ’website has risen above 2.7. This indicates that miners convey more BTC to exchanges compared to one year. In the past, this activity often indicates a short -term correction, as some miners make profit after strong price gains.

This MPI level, though, is still much lower than the maximum extent seen in the previous market peaks. According to the analyst, this movement may follow a pattern that is repeatedly observed during bulls, which consists of a short side stage or withdrawal followed by another upward movement.

Last July 16 a report By highlighting the contributing school of Unchain at Cryptoquant, the most unusual rise in profit from long -term holders about ten days ago. Although this did not prevent the price from paying up, it indicates that some old coins are moving again, and it is usually a sign that the first investors are making gains. Whether this represents a turning point or just a temporary stop is still unclear.

Bitcoin increased by 0.3 % during the last day by 8 % over the past week. Trading volume decreased by 9.7 % to $ 63.9 billion in the last day. With the size of futures decades by 14.76 % and open benefits less than 1 %, derivatives Data Low interest also appears.

On the technical side, Bitcoin continues to trade in a strong upward trend. The price is still higher than the important moving averages and the middle range of Bollenger teams. The relative strength index is 67.42, a little less than the excessive peak levels, indicating that there may be space for the upscale movement without the rise in the market temperature.

In the short term, bitcoin may face resistance near the 121,000 – 123,000 dollar sign. Support is approximately $ 111,000 and then $ 102,000 if the decrease continues. Before raising the new leg, re -testing these levels may help reset the momentum.

Expectations are still favorable in the long run. The macro environment still supports Bitcoin as a valuable store, and there are no significant indications that the owners of institutions are withdrawing, and the mining activity has not escalated to the level of panic. Any decline can be a new entry point instead of a long -term reflection if the current feelings persist.