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.
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.
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