Bitcoin price has been steadily rising, up about 4% over the past week. This reflects improved market sentiment and investor optimism.
Let’s figure out what’s happening in the Bitcoin (BTC) market and what to expect from the cryptocurrency price.
Bitcoin miners hold strong
Bitcoin miners began accumulating coins again, with their supply reaching a one-week high of 1.8 million BTC. Miners’ Bitcoin reserve shows the number of coins in their wallets. When it declines, it means that miners are selling coins, which confirms bearish sentiment against BTC.
In addition, the decline in the flow of BTC from miners to exchanges highlights the accumulation trend over the past seven days. According to CryptoQuant, the number of coins sent by miners to exchanges during this period decreased by 10%.
When the flow of BTC from miners to exchanges decreases, it means that miners are choosing to hold onto their coins. Reduced selling pressure indicates growing confidence in the price of BTC and could support its rally.
Last week, weekly inflows into spot Bitcoin ETFs turned positive, reversing the previous week’s negative outflows. According to SosoValue, from August 4 to 8, these funds received $247 million.
This shift shows renewed buying interest among institutional investors and a change in market sentiment in favor of BTC. Investors are confident in the growth of the coin and are increasing their exposure through ETFs.
Can BTC break through $118,851 and reach $120,000?
Renewed institutional interest and miner confidence increase the chances that BTC will soon rise above $120,000. However, Bitcoin must first overcome resistance at $118,851.
If the accumulation slows down, Bitcoin could fall again to $115,892.
