CandleFocus Bitcoin Miners Stop Selling as Revenue Hits 2-Month High: BTC Eyes New Peak
2024-10-18
Author: Content Editor
Bitcoin miners saw their total revenue surge to a two-month high as they refrained from selling their holdings, indicating a bullish trend and suggesting that Bitcoin's all-time high of $73,764 could be within reach. The surge in miner revenue is linked to the increase in average transaction fees on the network, which has led to higher earnings for miners. This spike in revenue coincided with a shift in miner behavior, as they chose to hold onto their coins instead of selling them. Bitcoin's current price of $67,738 and rising Relative Strength Index (RSI) indicate strong buying momentum, but any increase in profit-taking activity could invalidate the bullish outlook.
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