Miner Selling Pressure Mounts as Bitcoin Approaches $100K

As Bitcoin's price approaches the $100K mark, miner selling activity has escalated, raising concerns about potential market impacts.

Between November 10 and November 17, miners offloaded more than 110,000 BTC, worth nearly $10 billion, with the largest single-day sale occurring on November 12, when over 25,000 BTC (valued at $2.2 billion) were sold.

This surge in miner sell-offs has sparked speculation that it could hinder Bitcoin’s progress toward the $100K psychological milestone. Historically, significant miner sell-offs have coincided with local price peaks, with increased selling often signaling the market may be approaching a cycle top, prompting further selling from other holders.

Key indicators offer a mixed outlook on Bitcoin’s future trajectory. While miner fees are a traditional sign of market exuberance, they have remained relatively modest, hovering around 10% of total revenue in November, suggesting the market is not yet overheated. The Pi Cycle Top indicator also points to limited upside before the market risks becoming overextended, with the $120K mark serving as a potential sell signal.

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Major players in the crypto options market are anticipating a price range of $100K to $120K for Bitcoin, based on its recent rally. If Bitcoin exceeds $120K, it could trigger a broader sell-off, possibly marking the top of the current cycle and prompting profit-taking across all market segments. This would represent a roughly 30% rise from the current $90K price.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.