Bitcoin overcame an important mark of $ 95,000, but the key market participants took a different position: miners are accumulating BTC and waiting for growth, and traders in the derivatives market are preparing for correction.
We understand how this confrontation can determine the short -term dynamics of bitcoin, and what levels of support and resistance should you pay attention to.
Miners save bitcoins
The analytical platform Cryptoquant recorded an important change in the behavior of Bitcoin miners. Their reserves reached the annual minimum on April 28 at the level of 1.80 million BTC and began to grow as soon as Bitcoin overcame the mark of $ 95,000.
What are miner reserves
Miner reserves are a key market mood indicator. This indicator reflects the number of bitcoins in the wallets of miners, which have not yet been put up for sale. The decrease in reserves usually signals bear moods, as it means that miners bring coins for sale.
The current growth of reserves indicates a change in mood in the miner community. Since April 29, there has been a positive clean stream of coins: miners, which are traditionally considered experienced long -term investors, prefer to store mined bitcoins, and not sell them on exchanges.
The derivatives market hints at correctionYu
The situation in the cryptoderivat market does not confirm the optimism of the miners and indicates growing bearish moods. Since the beginning of May, the rate of financing of bitcoin fuses remains a negative zone at -0.0056%, foreshadowing a short -term price reduction.
How the financing rate works
The financing rate is a mechanism for balancing of unlimited futures contracts. It is periodic payments between holders of long and short positions that ensure the correspondence of the futures price to the spot market.
The negative rate of financing indicates a predominance of short positions over long. This creates additional pressure on the price of bitcoin and can lead to short -term correction, despite the positive signals from the miners.
Bitcoin has not yet chosen a direction
The Bitcoin market demonstrates mixed signals. Despite the fact that miners are actively accumulating BTC, which usually portends growth, participants in the derivatives market remain caution and prepare for possible correction.
Technical analysis indicates two scenarios of the development of events. If the trend for accumulation will intensify, the BTC can overcome the resistance at the level of $ 98 515 and rush to the psychologically important mark $ 102,080. In case of correction, the price may drop below $ 95,000 and find the following support at $ 92 910.
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Source: Cryptocurrency
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