The recent surge in Bitcoin's (BTC) price to over $28,500 has been a boon for Bitcoin miners, who control 10% of the total 19.5 million BTC in circulation. The price boost, spurred by the "Fed Rate Pause" and the approval of "Ethereum Futures ETFs," led miners to sell $280 million worth of BTC from their reserves of 1.94 million BTC, according to an IntoTheBlock chart published on Tuesday.
Bitcoin's significant resistance point stands at $28,200, as suggested by an on-chain indicator supported by the Global In/Out of Money Around Price (GIOM) data. This level is reinforced by the presence of 3.04 million addresses at $28,203. If miners shift their strategy from selling to accumulating, they could potentially stimulate a Bitcoin rally towards the $30,000 mark.
On the flip side, if Bitcoin falls below the $25,000 support level, a bearish trend might ensue. The second largest accumulation zone is significant for potential price movements with a maximum price of $26,543.
This dynamic comes in the wake of Bitcoin miners capitalizing on the recent price surge. They managed to offload a significant portion of their holdings at a high price point, which may have implications for future market behavior depending on whether they continue to sell or start accumulating again.
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