In the past week, several miner wallets that have been dormant since the Satoshi era have transferred a significant amount of Bitcoin (BTC). Generally, when miners offload their Bitcoin—especially in large quantities—it can create selling pressure that leads to a price drop. However, despite recent selling activity from miners, BTC has surged by over 7%, reaching a peak price of $64,043 on Friday.
Bitcoin Miner Sales Remain Price Neutral As 100-Day EMA Hits Yearly Low
On Friday, five wallet addresses from the Satoshi era, which refers to the earliest days following the creation of Bitcoin, moved a combined 250 BTC, valued at $15.9 million, to new wallets. These wallets had each earned 50 BTC as mining rewards per block in 2009. While these sudden Bitcoin transactions generated much speculation within the crypto community, there was no significant impact on Bitcoin’s positive price trajectory.
According to a CryptoQuant analyst known as Darkfost, the recent spike in outflows from early miners has had a neutral effect on Bitcoin’s price due to a consistently declining 100-day Exponential Moving Average (EMA). The 100-day EMA measures the average selling activity of early miners over the past 100 days and can be used to identify trends and detect price momentum. Data from CryptoQuant indicates that the latest sales by early BTC miners have not altered the trajectory of this 100-day EMA metric, which is currently at its lowest point for the year.
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Therefore, these outflows, although significant, have not been able to produce substantial selling pressure that could negatively affect BTC’s price in the short or medium term.
BTC Up By 124% Despite Poor Mining Metrics
In other news, Bitcoin has shown remarkable price performance despite poor fundamentals related to mining. According to the Bitcoin ChainCheck report by asset manager VanEck, the leading cryptocurrency has gained 124% in its Year-To-Date (YTD) value, bringing its market dominance to approximately 56%.
During this period, however, the Bitcoin hash price—which measures the revenue miners earn per unit of computational power used for mining BTC—has plummeted by 97%, indicating low miner profitability coupled with increased mining difficulty.
As of the time of writing, BTC is trading at $63,146, reflecting a 0.23% gain over the past 24 hours. Nevertheless, its daily trading volume has decreased by 59.99% and currently stands at $14.1 billion. On the daily chart, Bitcoin is encountering resistance around the $64,000 mark. A decisive breakout above this level could pave the way for a rally toward the $70,000 range. Conversely, insufficient buying pressure could result in a price decline to the $54,000 level.
BTC trading at $63,127 on the daily chart | Source: BTCUSDT chart on Tradingview.com
### Conclusion
Despite considerable selling activity from early Bitcoin miners, the market has remained resilient, with BTC maintaining an upward trajectory. While mining metrics suggest challenges, Bitcoin’s overall performance and market dominance demonstrate its robustness and potential for future gains. Investors should keep an eye on key resistance and support levels as Bitcoin navigates its current trading range.
Source: CryptoQuant
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