Bitcoin Miners Liquidate Over $27 Million, Sparking Concerns About BTC’s Price Momentum

BTC Faces Key Resistance at $87K While Miner Selling Pressure Grows—Can Bulls Absorb the Impact?

Bitcoin (BTC) miners have been offloading significant holdings, cashing in over $27 million in realized profits. This coincided with BTC adjusting within a key price range.

As miners are selling aggressively, questions arise about the potential impact this sell pressure could have on BTC’s future movements. Will it cap Bitcoin’s upside, or can the market absorb these liquidations?

Bitcoin Miners’ Profits Spike

According to recent data, early Bitcoin miners have realized over $27.2 million in profits while BTC hovered around the $83,000-$84,000 range. This significant liquidation phase followed Bitcoin’s pullback from highs above $90,000.

Historically, profit-taking by miners can suggest a short-term cooling period for Bitcoin’s rally, potentially leading to consolidation or retracement. Glassnode’s miner net position change chart indicates ongoing selling pressure, with outflows exceeding inflows. Miners appear to be reducing their holdings rather than accumulating, suggesting near-term price weakness.

How Much BTC Are Miners Still Holding?

Despite the selling spree, Bitcoin miners still hold a substantial amount of BTC. However, the rate at which their holdings are declining reflects their outlook on price movements. Some miners are securing profits while others hold onto BTC in anticipation of another bullish leg.

If BTC maintains its current support levels, a resurgence in buying interest could stabilize prices. Conversely, continued liquidation by miners might hinder Bitcoin’s ability to surpass key resistance levels, particularly near $87,000-$90,000.

Key Levels to Watch

Bitcoin was trading around $83,289 at press time, with the 50-day moving average at $87,400 and the 200-day moving average near $95,916. These levels are critical resistance points that BTC must breach to regain bullish momentum.

Immediate support sits at $82,500; a drop below this could lead to further declines toward $80,000. Key resistance stands at $87,000; a decisive move above this mark could trigger renewed bullish momentum.

With miner selling on the rise, BTC’s ability to hold its position will be crucial in determining its next steps. Traders should monitor shifts in miner behavior, as ongoing sell-offs could stifle Bitcoin’s upside, while stabilization may pave the way for a rebound.