From May 5, 2023, Bitcoin miners began to reduce their Bitcoin holdings drastically, and on May 9, 2023, the miner's net position moved into negative territory, indicating intense pressure from miners. Currently, the miner net position values are in the zone where Bitcoin bounced off in previous times, and the local uptrend continued. In this regard, it can be assumed that miners can significantly reduce their pressure, i.e., slow down sales or cancel sales when Bitcoin hits the $24,000 target.
Written by BaroVirtual
