Bitcoin miners halt sales as BTC gains 20% since hash ribbon 'buy' signal
Summary
Bitcoin miners have resumed accumulating BTC after a period of selling, with onchain analytics from Glassnode indicating a reversal in behavior following Bitcoin's price drop to just below $75,000 in April. Miner wallets increased from 1,794,622 BTC on April 12 to 1,797,330 BTC by May 13, marking a 0.15% rise. This shift is seen as a positive indicator for Bitcoin's price trajectory. Decreased miner sell-side pressure has contributed to a bullish market sentiment, with institutional buying outpacing mined BTC. The Hash Ribbons metric continues to signal a buy opportunity, with Bitcoin gaining approximately 20% since its last signal in late March. Predictions suggest further price increases for Bitcoin in May.
