News: the price of Bitcoin exceeds 45,000 dollars, and, at the same time, a decrease in selling pressure from miners is observed, as reported by CryptoQuant.
The main Bitcoin mining companies in the United States have continued to increase their holdings in the most prestigious crypto. Below are all the details.
News on the rise of Bitcoin: price analysis
As anticipated, according to the latest news, Bitcoin has surpassed the $45,000 price threshold, highlighting a decrease in selling pressure from miners, according to on-chain data.
CryptoQuant reports that the major Bitcoin mining companies listed on the stock exchange in the United States continue to increase their holdings in the crypto.
In particular, as shown by the charts from CryptoQuant, with Marathon Digital showing a constant increase in its holdings in recent months.
In a weekly report, CryptoQuant has indicated that selling pressure from miners has decreased after the period of high sales in November and December 2023.
The report states that daily sales by miners have decreased from over 800 Bitcoin per day in November-December 2023 to less than 300 Bitcoin per day in 2024.
In addition, CryptoQuant analysts have noticed that miners are holding onto their reserves despite the decline in profits from Bitcoin network fees.
Despite a 90% drop from historical maximum commissions in December, selling pressure from Bitcoin miners remained low in 2024.
The data from CryptoQuant also indicates a decrease in transactions on the Bitcoin network, dropping from a daily all-time high of 731,000 at the end of December to a three-month low of 278,000.
According to The Block’s Data Dashboard, miner rewards have decreased compared to the multi-year high in December, reflecting a context of changes in the dynamics of mining.
Price volatility causes $114 million in liquidations
As anticipated above, the price of Bitcoin has once again surpassed the $45,000 threshold, bringing with it volatility that triggered liquidations of over $114 million in leveraged cryptocurrency positions.
The price action has resulted in the liquidation of over $49 million in leveraged Bitcoin positions, according to Coinglass data. The majority of these BTC liquidations, amounting to approximately $47 million, were related to short positions.
The world’s leading cryptocurrency by market capitalization has recorded an increase of over 4% in the last 24 hours, reaching $45,133, as indicated by the latest price data.
PlanB: Bitcoin will continue to maintain a bullish trend
The renowned analyst PlanB, creator of the Stock-to-Flow model, expresses confidence in the performance of Bitcoin.
Specifically stating that the cryptocurrency will not fall below $40,000, based on its realized price.
Despite the initial turbulence caused by the approvals of ETFs in the United States, Bitcoin has experienced a volatile period, dropping ten thousand dollars in just a few weeks after the launch of these products.
However, according to PlanB, the asset has managed to recover almost all of its losses, currently reaching the prices mentioned above.
The retracement below $40,000, observes PlanB, was unexpected and may not repeat itself thanks to Bitcoin’s realized prices on different scales.
The overall realized price of BTC has increased compared to last month, reaching $23,000, while the realized values for 2 years and 5 months are respectively $32,000 and $40,000.
Therefore, PlanB interprets the current market price of almost $45,000 as a very bullish sign, suggesting that Bitcoin may not fall below $40,000 again.
With the ETF already approved and the fourth halving expected within two months, the community continues to formulate various predictions on BTC price movements in the next year.
Recently, a study by Bitget predicted a price of $150,000 for Bitcoin, more than double its previous all-time high of $69,000.
Even Tom Lee from Fundstrat predicts that BTC will reach between 100,000 and 150,000 dollars this year, with a projection of 500,000 dollars by the end of the decade.
Source: https://en.cryptonomist.ch/2024/02/08/news-the-price-of-bitcoin-exceeds-45000-optimistic-scenario-in-the-crypto-market/