Bitcoin (BTC) Miners Are Stacking BTC as the Rainbow Chart Hints at the “Accumulation” Phase

Bitcoin [BTC] halvings have been one of the most prominent events in the history of cryptos, as they play a crucial role in shaping BTC's future. After each halving, BTC took its time to gain bullish momentum and reach new highs.

Bitcoin [BTC] halvings have been a hot topic in the crypto-verse, largely due to their role in shaping BTC’s future. Post each halving, BTC took its time to gather bullish momentum and reach new highs.

Considering that the last halving took place a few months back, AMBCrypto decided to check if BTC has been following its past trend.

What’s the buzz around Bitcoin miners?

Ali, a renowned crypto analyst, recently shared a tweet that highlighted interesting data regarding BTC halving cycles.

As per the tweet, it’s been 119 days since the 2024 Bitcoin halving. In the last two cycles, BTC hit a market top around 530 days post-halving. If BTC follows a similar trend, then this might just be the early stages of BTC’s bull cycle.

Following the halving, BTC’s hashrate remained relatively stable, indicating that miners were continuing their operations at a steady pace. At the time of press, BTC’s hashrate was at 602.28 EH/s.

Source: CoinWarz

AMBCrypto then decided to check Glassnode’s data to gauge how BTC miners were faring. Our analysis revealed that BTC miners’ revenue has been on a 30-day declining streak.

However, it was interesting to note a substantial increase in miners’ balance during this same period. This indicated that miners were accumulating BTC in anticipation of a price increase.

Furthermore, CryptoQuant’s data also showed that BTC’s Miners’ Position Index was in the green, suggesting that miners were selling fewer holdings compared to its one-year average.

Source: Glassnode

What’s driving miners to accumulate?

Considering that miners were stocking up on BTC, AMBCrypto checked other data sets to uncover the potential reason behind this strategy.

The Bitcoin Rainbow Chart, an indicator that showed BTC’s standing in relation to its price, suggested that BTC was in the “accumulation” phase.

This indicated that it was an optimal time to buy more before the coin’s price gained bullish momentum.

Source: Blockchaincenter

CoinMarketCap’s data revealed that BTC bulls entered the market over the last 24 hours as the coin’s price increased by 4%. At the time of writing, BTC was trading at $60,930.84 with a market capitalization of over $1.2 trillion.

AMBCrypto then evaluated the coin’s daily chart to assess the sustainability of this uptrend.

Check out Bitcoin’s [BTC] Price Prediction 2024-25

The technical indicator MACD displayed a clear bullish crossover, which indicated a high probability of a continued price increase. However, the Money Flow Index (MFI) registered a decline.

This signaled that investors might encounter some slow-moving days.

Source: TradingView