Bitcoin on the verge of a breakout? BTC miners prepare for price jump

As bitcoin stocks plummet, miners are holding onto their reserves. Is the next rally in the offing?

Bitcoin is gradually picking up speed after the price went back into consolidation mode following a failed breakout above the 60,000 level over the weekend. Post-buying and Bitcoin Trader profit-taking have left Bitcoin bouncing disoriented in the tens of thousands range between US$50,000 and US$60,000 over the past few trading days. Even though Bitcoin is 3.6 percentage points below the previous week’s level, however, a 24-hour gain of 3.3 per cent indicates a renewed attempt at liberation in the daily chart.

Bitcoin price in the weekly chart

Overall, the ten largest cryptocurrencies by market capitalisation are turning up on a daily basis. The absolute front-runner is THETA, which has entered the top list of the most valuable crypto assets with a very respectable plus of 24 per cent. Chainlink (LINK), on the other hand, had to vacate its seat. Its market capitalisation is now just under 1.6 billion US dollars below the new number ten: Litecoin (LTC). The losers are Uniswap (UNI) and XRP, each with a price drop of 7.7 and 2.3 per cent.

After the market stalled somewhat and got the necessary cooling it needed after the recent record months, a small upward trend can be seen again. Total market capitalisation is reaching for the 1.8 trillion mark again with a daily gain of 2.5 per cent. Looking at the indicators, the signs are good for a next rally.

Bitcoin big buy

One indication of upcoming price jumps is large BTC withdrawals from exchanges. Coinbase in particular stands out as a turnover point for institutional investors. If BTC holdings buckle, another buyer of the magnitude of Tesla or MicroStrategy may have found itself.

This is what happened in yesterday’s trading session. As the blockchain researchers from CryptoQuant announced via Twitter, 14,666 Bitcoin left the Coinbase wallet in one fell swoop. At an exchange rate of just over 55,000 US dollars, the investment amounts to 804 million US dollars, no small house number. It is not known which investor has lined his pockets.

As a result, bitcoin holdings on exchanges have once again fallen to an all-time low. Glassnode currently counts around 2.41 million available BTC, as few as last in mid-2018.