- Bitcoin miners have sold over 3,000 BTC (worth $273 million) in 48 hours, yet the cryptocurrency maintains strength above $90,000, showing resilience in the market.
- A rare “golden cross” in Bitcoin’s Puell Multiple was observed, with historical data showing average gains of 90% following similar patterns in 2019, 2020, and 2024.
Bitcoin continues to head forward with strong bullish momentum, standing comfortably above the $90,000 mark. Recently, the cryptocurrency has come really close to performing new all-time highs, confirming the leader position in the market. However, some subtle on-chain shifts indicate that Bitcoin can show a tendency toward consolidation and set the stage for its next move.
In the last 48 hours, Bitcoin miners have sold more than 3,000 BTC, worth some $273 million. The massive sale saw many speculate on what fate would befall the cryptocurrency. Crypto analyst Ali Martinez shed light on this sudden surge in miners’ activity. According to him, this is usually the case in strong bull markets, wherein miners—perceived as long-term holders—tend to realize profits after the price surges rapidly.
Source: ali_charts
This recent spike in miner selling is consistent with the general Bitcoin outflow from miners’ wallets. Historically, these have been considered signs of a cooling-off period where market participants are bracing for at least a pause and even a price correction.
However, considering how recently the price of Bitcoin has performed, this may only be natural behavior. Miners have indeed been playing key roles in the upward momentum of Bitcoin, and their inclination to lock in profit might hint that the period of consolidation could be in order.
Source: CryptoQuant
Bitcoin Hashrate Reaches All-Time High Levels
Despite the selling pressures in these near-term periods, Bitcoin’s network health remains highly robust. Hashrate levels are at the highest ever, which has indicated sustained strength in the Bitcoin network. A rising hashrate is indicative of not just strong network security but a growing competitiveness among miners. While miners sell some of their holdings, long-term prospects for Bitcoin remain very robust.
Source: CryptoQuant
The resilience in network security underpins the idea that recent selling by miners is more of a temporary adjustment rather than any kind of widespread panic. A strong hashrate combined with steady price action above $90,000 suggests that the fundamental outlook for Bitcoin is very much intact.
After many days of swift price movement, Bitcoin has seemingly entered a much-needed consolidation phase. This is very important for the market to digest recent gains, shake out the weak hands, and set up a stronger foundation for future price action. The range from $88,000 to $90,000 will be quite important as a defining series of prices that will determine how well this consolidation phase can sustain itself.
Any break below the lower bounds may suggest that selling pressure is increasing, while strong defense at this support zone may indicate that confidence in the market’s bullish structure remains very strong.
Is a Major Rally Looming?
Despite the short-term pullback, there’s still significant optimism surrounding Bitcoin’s future. The possibility of a breakout toward $100,000 remains on the horizon, especially if Bitcoin can maintain its price above key support levels. Additionally, Bitcoin bulls are eyeing a potential rally spurred by a historical technical indicator.
On November 18, CryptoQuant, an on-chain analytics platform, flagged a rare “golden cross” in Bitcoin’s Puell Multiple. This indicator has historically been followed by substantial price surges. In fact, in past instances—such as March 2019, January 2020, and January 2024—Bitcoin experienced price gains of 83%, 113%, and 76%, respectively, after the Puell Multiple crossed its 365-day moving average.
Source: CryptoQuant
This data suggests that a rally of similar magnitude could follow, with an average price increase of around 90%. According to CryptoQuant contributor Burakkesmeci, the Puell Multiple is crucial for understanding market cycles from a mining perspective. It provides valuable insight into mining profitability and overall market sentiment, making it a significant indicator for potential price movements.