Bitcoin’s $120K Rally in Jeopardy as Miners Flood Binance With $2B BTC
Main Idea
Bitcoin's attempt to reclaim the $120,000 mark faces challenges due to miner sell-offs and liquidity concerns, despite strong long-term fundamentals.
Key Points
1. Miners sent over 18,000 BTC (worth $2 billion) to exchanges on July 25, coinciding with a $650 million USDC withdrawal, raising short-term liquidity concerns.
2. The miner sell-off marks a shift from their previous 'HODL' behavior, attributed to profit-taking as Bitcoin neared its all-time high.
3. Bitcoin's price was trading at $117,981, slightly down over 24 hours and a week, within a tight range of $115,184 to $119,568, indicating market indecision near key resistance.
4. Despite the sell-off, Bitcoin's long-term fundamentals remain strong, with miner holdings at their highest level since November 2024.
5. Analysts suggest that if Bitcoin maintains support above $115,000, another attempt to break $120,000 could occur, potentially retesting the all-time high.
Description
Bitcoin’s recent attempt to reclaim the $120,000 mark is facing new headwinds after Binance witnessed one of the largest single-day miner deposit spikes in months. According to a report by CryptoQuant analyst Amr Taha, on July 25, miners sent over 18,000 BTC, worth more than $2 billion, to the exchange. The move coincided with a $650 million USDC withdrawal event, raising concerns over short-term liquidity pressure despite an otherwise bullish market backdrop. Miner Behavior Flips The uptick in ...
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