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bullish

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<p><a href="https://www.thecoinrepublic.com/2024/12/15/no-quantum-computer-wont-kill-bitcoin-pow-founder-shares-insight/">Bitcoin</a> miner balance reduced by 4.74%, from 1.99M to 1.9M BTC over the past year, indicating controlled sell-offs to manage costs. </p> 
<p>Despite this, Bitcoin’s technical indicators, including an inverse Head &amp; Shoulders pattern, point to a possible breakout above $102K, with the $103,500 liquidity cluster as the next target for bullish momentum.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-miner-balance-drops"><strong>Bitcoin Miner Balance Drops</strong></h2> 
<p>Over the last year, Bitcoin miners have sold off their holdings increasingly, from 1.99 million to 1.9 million, a 4.74% drop in Bitcoin holdings.</p> 
<p>Balances are being steadily reduced through sell-offs without using the tokens in service, mainly to pay for power and equipment.</p> 
<p>However, it has never been so steep as to spark a massive sell pressure that could send the price of Bitcoin into a downward spiral.</p> 
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<p>According to the data, Bitcoin miner balances fell by 0.16% in the last 7 days and 1.97% in the last 30 days.</p> 
<p>It Bitcoin miners already know how to strategically manage BTC holdings to fund immediate expenses while somehow staying long-term bullish on Bitcoin.</p> 
<p>This sell-off is in keeping with the rest of the market, as operational pressures persist in the mining business and profitability plunders.</p> 
<p>This gradual decline is a result of miner resilience in the face of economic difficulties, as well as an increase in network difficulty, say market analysts. We see no signs of panic selling, and hence there is no indication that people have stopped having confidence in Bitcoin’s long-term value.</p> 
<p>Because of the consistency of miner activity, Bitcoin’s price was able to stay stable during this time.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-approaches-breakout-with-inverse-head-amp-shoulders-pattern"><strong>Bitcoin Approaches Breakout with Inverse Head &amp; Shoulders Pattern</strong></h2> 
<p>On <a href="https://www.thecoinrepublic.com/2024/12/15/nate-geraci-issues-epic-spot-bitcoin-etf-prediction-details/">Bitcoin’s </a>4-hour chart, we see an inverse Head &amp; Shoulders pattern has been formed and is revealing a bullish potential breakout.</p> 
<p>Currently, we can see Bitcoin testing a key resistance level at the neckline at $102,000. If Bitcoin does break this level, it may inspire even more bulls to get in during the time they are buying.</p> 
<p>Three distinct troughs make up the pattern; two shoulders occur near $97,500 and $99,000, and the head at $94,000.</p> 
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<p>As market strength and investor confidence continue to improve, Bitcoin slowly inches up towards the neckline.</p> 
<p>If Bitcoin does beat above $102,000, analysts predict the price will surge toward $105,000 or higher.</p> 
<p>Traders are now keeping a close eye out for confirmation that a breakout in this technical pattern has occurred. If it can clear resistance successfully, it will be on its way to a powerful rise. The fact is that Bitcoin is at an important market juncture as it nears key resistance zones.</p> 
<h2 class="wp-block-heading" id="h-according-to-the-bitcoin-liquidation-map-key-liquidity-at-103-500"><strong>According to the Bitcoin Liquidation Map, key liquidity at $103,500</strong></h2> 
<p>There is a large amount of liquidity in the $103,500 level, mostly high-leverage positions. These positions are often targeted by market makers to trigger liquidations, pulling liquidity and pushing price action faster.</p> 
<p>From the current concentrations, it appears Bitcoin will move forward as it heads towards this price range.</p> 
<p>Bitcoin’s price suggests that if it recaptures that $102,000 – $103,500 zone, there could be a cascade effect. After this move, market analysts think additional buying pressure will come into the table, which could push Bitcoin to the next target, the $105,000 benchmark.</p>  
<p>The map meanwhile reveals strong support at $97,000, which will act as a cushion in case of short-term pullbacks.</p> 
<p>Bitcoin has historically tended to hit these high liquidity clusters, and such price movement is unmissable. Price will continue to have an upward trajectory in that year-end momentum favors bulls.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-s-mvrv-score-hints-at-a-possible-80-price-up"><strong>Bitcoin’s MVRV score hints at a possible 80% price up</strong></h2> 
<p>Bitcoin’s MVRV Z Score currently sits at 3.14, which spells an opportunity for upward price movement. The MVRV score hit $3.30 on December 15, 2020, after which the price surged 165% within the next two months.</p> 
<p>Now analysts are speculating if Bitcoin can repeat this past performance and produce massive gains.</p> 
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<p>Even if Bitcoin gets a very conservative 50% return, the price could be up 80% before long. Bitcoin’s price grows in correlation with the MVRV score, which is rising too, showing typical optimism.</p> 
<p>Based on MVRVs above 3.0, historically we’ve seen strong bullish momentum as Bitcoin enters undervalued zones.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/16/bitcoin-miner-balances-drop-4-74-amid-steady-sell-offs/">Bitcoin Miner Balances Drop 4.74% Amid Steady Sell-Offs</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitcoin Miner Balances Drop 4.74% Amid Steady Sell-Offs

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