Bitcoin Miners Show Restraint as Price Eyes New Highs

Bitcoin is once again testing fresh highs after climbing past $104,000, reigniting optimism across the crypto space.

While price action has been volatile, one key player group appears to be quietly signaling bullish sentiment: the miners.

Recent on-chain data suggests that Bitcoin miners have dialed back their selling activity, choosing instead to hold their block rewards amid the rally. This strategic pause, observed by analytics platform Alphractal, points to growing confidence that the bull run may have more room to run.

Alphractal’s Miner Sell Pressure index — which tracks the ratio of BTC outflows to miner reserves — is currently sitting at its lowest level since 2024. Historically, elevated miner selling has added downward pressure on the market, while periods of accumulation have coincided with stronger price performance.

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The firm’s latest chart shows the pressure metric dropping below its lower threshold, suggesting a broader miner retreat from profit-taking. This change comes after the network’s fourth halving last year, which significantly reduced rewards and made selling less immediately lucrative.

Although the influence of miners on Bitcoin’s price has diminished in recent years, sustained low sell pressure is often a positive macro signal — reflecting expectations of further upside. Still, Alphractal cautions that a reversal could occur if prices extend too far, too fast.

BTC Price Snapshot
At the time of writing, Bitcoin is trading around $104,250, holding comfortably above the six-figure mark and showing resilience after a brief cooldown heading into the weekend. With sentiment turning optimistic and miners seemingly aligned, momentum appears to favor another push toward uncharted territory.

Alexander Stefanov