According to miner’s position index charts from Cryptoquant, the index has shot up to its year high. BTC enthusiasts are waiting to see the end results since it could mean a bullish momentum for the top coin. While this year has not been all too kind for the king coin’s prices compared to 2021, these indicators could be a pointer towards the right direction.
BTC Miners Index Position Heightens
As the position index is high, most enthusiasts know that miners are most likely shorting their coins. However, most suggest that this factor hails miners as bad BTC traders, since they usually short before a major price movement by the coin on the high. Normally, traders wait for the coin to hit highs for them to sell, unlike the path miners take.
A supporting trend for this fact is that during every all-time high for the coin including in 2021, miners sold their coins before the coin hit the top. Also, the miner’s outflow is on the rise despite the coin’s movement to exchanges remaining on a low. According to Cryptoquant’s deductions, miners could be settling for other selling options that are not exchanges.
The big question at the moment is what could be leading to Bitcoin price surges, including the past few days.
Bitcoin Prices Are on the Positive Side
Currently, the coin has been bullish, with most predictions putting its next step at $50 000. The predictions owe to the constant boost in its prices for the past few days, rising by 0.61% yesterday and over 5% on Sunday. At the time of writing, the coin’s price is around $47 553.43, up by nearly 1% for the day.
Its price analysis today places the next hurdle for it to tackle at $48 200. However, it would be a worry if its prices were to drop below the $45 800 support level, possibly leading to its drop even as low as $41 000. The outlook at the moment is seeing the coin hold well above the support level, and a continuous focus on breaching its next resistance level.
Notably, the BTC Fear & Greed indicator shows that there is a high greed level for the coin amid its current price action. It is currently playing along the lines of 56/100, which is a decent reason to believe that investors have their eyes on it.
What Could be Pushing the Markets?
Currently, the bullish outlook of the dominant coin is coinciding with that of stocks. Furthermore, the Luna Foundation made bitcoin purchases recently as a pillar for its TerraUSD coin.
The boost is dragging along other coins with it, including ETH, SOL, and ADA. The next few days will be crucial to BTC’s prices depending on how the weighing scale goes.
Source: https://crypto.news/bitcoin-miners-position-index-selling-pressure/