Bitcoin is about to break out? On-chain data shows the way

Bitcoin fell sharply over the weekend and major investors in particular took advantage of this opportunity to buy more. At the same time, many miners keep their hands still and sell less Bitcoin.

When will the price break the $ 50,000 mark?

After Bitcoin and many other altcoins fell sharply last Sunday, investors took the opportunity and bought more aggressively. In the last 24 hours, the Bitcoin price has risen by 5.01 percent and at the time of going to press a BTC costs 48,993 US dollars.

The BTC rate is currently just below its all-time high of 49,668 US dollars, which was also reached this morning. Additionally, some on-chain data suggests that we are still on a strong uptrend.

In the past, BTC Miner have repeatedly for Bitcoin-course corrections made . While the miners were the reason BTC failed to break the $ 50,000 mark last weekend, it now appears that they have all but stopped selling.

Currently, the level of sales by miners is at a similar level as before the Bitcoin price increase in late 2020.

This trend becomes clear if you look at the data from CryptoQuant . BTC sales by miners are currently at a multi-month low and in recent weeks fewer and fewer miners have sold Bitcoin on the market.

Bitcoin whales fill their pockets

Large investors have taken advantage of the price decline of the past few days and aggressively bought Bitcoin. Data from Whalema p shows that the crypto reserve currency is developing a strong support zone between the price levels of $ 46,600 and $ 48,500. Bitcoin whales have used precisely this price level in the past few days to further expand their BTC stocks.