Bitcoin miners are accumulating rather than selling their holdings, indicating optimism and a potential price surge. The Miner Position Index (MPI), which tracks miners' movements of Bitcoin to exchanges, is signaling strong accumulation. This pattern has historically preceded substantial price increases, and the current low MPI reading suggests miners are content with holding their positions. In addition, block rewards have rebounded, indicating increased transaction activity on the network and potentially growing market interest. Bitcoin's price recently reached $69,900, and analysts believe it could soon establish $70,000 as a new support level.
- Content Editor ( cryptobriefing.com )
- 2024-10-28
Bitcoin miners accumulate as key indicator hints at price rally