Amidst the bustle of Bitcoin’s dynamic market, a remarkable insight has emerged: Bitcoin remains resilient despite significant sales by miners from the Satoshi-era. Over the past week, several dormant miner wallets dating back to Bitcoin’s inception transferred a substantial sum of BTC. Typically, when such large-scale miner selling occurs, one would expect a corresponding price drop due to increased selling pressure. However, in a surprising turn of events, BTC surged by over 7%, reaching a peak of $64,043 last Friday.
Bitcoin’s Stability Amid Satoshi-Era Miner Sales and the 100-Day EMA Trend
On Friday, five wallet addresses from the Satoshi era transferred a total of 250 BTC, worth approximately $15.9 million, to new wallets. Each of these wallets initially received 50 BTC as block mining rewards in 2009. [Source: Bitcoinist](https://x.com/lookonchain/status/1837031861819674881).
Despite the buzz generated in the crypto community about these transactions, Bitcoin’s price trajectory remained unaffected. A CryptoQuant analyst, known as Darkfost, explained that the recent early miner outflows have had a neutral impact on the price due to a consistently falling 100-day Exponential Moving Average (EMA).
The 100-day EMA is instrumental in gauging average selling activity from early miners over the past 100 days, helping to identify trends and price momentum. According to Darkfost, data from CryptoQuant reveals that the recent sales by early BTC miners have not significantly altered this metric, which is currently at its yearly low.
Thus, despite these significant outflows, there has been no substantial selling pressure capable of disrupting Bitcoin’s price movement in the short to medium term.
Bitcoin Maintains Strong Performance Despite Mining Challenges
Remarkably, despite declining mining metrics, Bitcoin has shown robust price performance. According to the Bitcoin ChainCheck report by asset manager VanEck, Bitcoin has gained 124% Year-To-Date (YTD), lifting its market dominance to around 56%.
However, during the same period, miner profitability, measured by the Bitcoin hash price—which reflects revenue per unit of computational power—dropped by 97%. Despite this, Bitcoin’s market performance has been resilient.
Currently, BTC is trading at $63,146, showing a 0.23% gain over the last 24 hours. Its daily trading volume has, however, dipped by 59.99%, standing at $14.1 billion. On the daily chart, Bitcoin experiences resistance around the $64,000 mark. A breakthrough above this threshold could set the stage for a rally towards the $70,000 range. Conversely, a lack of buying pressure might pull the price back to the $54,000 level.
Featured image from Simplilearn, chart from Tradingview
Discover more from Make Money Online and Work From Anywhere
Subscribe to get the latest posts sent to your email.
