JAKARTA - The price of Bitcoin has increased by more than 2 percent in the last 24 hours and started a positive start to March. Bitcoin miners have been caught moving their BTC reserves to the exchange in this ongoing price spike.
They sent about 400 Bitcoins to the stock exchange recently so that the reserves of cumulative miners decreased by 1400 Bitcoins since February 24, 2023. Although not significant, the movement of miners remains important to monitor because it can affect long-term price actions.
The movement of these Bitcoin miners can also cause short-term selling pressure. However, the average level of the mining position index (MPI) movement is still at a low level and below.
A number of experts estimate that the recent movement of miners will affect the long-term price action. Therefore, it is important to pay attention to the behavior of miners because this can lead to the start of distribution. Most Bitcoin owners or Whales in the middle of the sell-off and Exchange Whale Ratio (72 hours) are above 0.85 while the daily Whale Ratio Exchange is above 0.6 as reported by Coingape.
The number of addresses with more than 1,000 Bitcoins has decreased to a 3-year low of 2.005 and addresses with more than 100 BTC have just reached a 1-month low of 16,043. However, the percentage of BTC supplies was last active for more than 5 years reaching 28.28 percent ATH.
Bitcoin miners are moving reserves to the exchange to cover costs incurred in this business and this also coincides with previous Bitcoin sales preparations.
This can cause short-term selling pressure, but not yet significant. Although the price of Bitcoin has managed to jump by about 3 percent over the past 30 days and is trading at an average price of IDR 350 million, its 24-hour trading volume has risen 7 percent to 24.5 billion US dollars (around IDR 374 trillion).
In following the Bitcoin price movement, it is important to pay attention to the behavior of miners because it can affect the distribution and long-term price action. In addition, the decline in BTC ownership can be a potential indicator for selling. However, the current movement of miners has not been significant and the price of Bitcoin has managed to soar over the past 30 days.
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