Metaplanet Stock Crashes 12% As Bitcoin Firm Kickstarts “555 Million Plan”

Bitcoin’s price has steadily risen, climbing approximately 4% over the past seven days. This trend reflects improving market sentiment and growing optimism among investors. 

As momentum builds, key on-chain indicators signal the possibility of a sustained rally in the coming trading sessions.

Bitcoin Miners Hold Tight

Bitcoin miners have resumed accumulation, with the coin’s miner reserve reaching a weekly high of 1.8 million BTC. 

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The Bitcoin miner reserve tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell. When it declines, miners are moving coins out of their wallets, usually to sell, confirming growing bearish sentiment against BTC. 

Converesly, when it climbs, miners are holding onto more of their mined coins, which usually reflects confidence in future price appreciation and a bullish outlook.

Furthermore, the decline in BTC’s Miner-to-Exchange Flow highlights the accumulation trend among miners on the network over the past seven days.

According to CryptoQuant, this metric, which measures the total amount of coins sent from miner wallets to exchanges, has plunged by 10% during that period.

When BTC’s Miner-to-Exchange Flow falls, miners hold back from selling and keep their coins off exchanges. This reduced selling pressure signals growing confidence in BTC’s price and can help strengthen its rally.

Moreover, last week, weekly inflows into spot Bitcoin ETFs turned positive, reversing the negative outflows recorded in the previous week. Per SosoValue, between August 4 and 8, capital inflow into these funds totaled $247 million.

This shift signals renewed institutional buying interest and a change in market bias toward BTC. Institutional investors remain confident that the coin will extend its gains and are increasing their direct exposure through ETFs. 

Can BTC Push Past $118,851 to $120,000?

This combination of renewed institutional demand and miner confidence strengthens the case for BTC’s near-term return to above $120,000. However, for this to happen, the king coin must first break above the resistance at $118,851. 

On the other hand, if accumulation stalls, the coin could resume its decline and fall toward $115,892.  

The post How Bitcoin Miners Could Drive a New All-Time High For BTC appeared first on BeInCrypto.

Avalanche (AVAX) price has been unable to reclaim the $20.00 support level after falling through it in the recent correction. The altcoin is now trading well below that key mark despite a noticeable decline in selling pressure. 

However, bullish momentum has not been strong enough to counter prevailing bearish cues.

Avalanche Investors Are Not Selling

Analyzing the active address profitability reveals that less than 3% of current participants are in profit. This data highlights a crucial detail: most AVAX holders are unwilling to sell at a loss. Instead, they appear to be HODLing in anticipation of a recovery. This lack of selling is a bullish indicator.

The patience shown by investors during this downturn could help Avalanche establish a stronger base once broader market conditions stabilize. As fewer holders are actively selling, downward pressure on AVAX’s price is reduced. Given the right market catalysts, this opens a window for the altcoin to bounce back.

Despite low selling activity, the technical indicators continue to signal weakness. The Relative Strength Index (RSI) has dropped back into the bearish zone after a brief recovery attempt. This suggests a lack of buying pressure and continued uncertainty among investors.

Market support has been lacking for AVAX in recent sessions, preventing a meaningful rebound. The altcoin is facing consistent resistance and has failed to generate strong upward momentum.

The RSI trend reinforces that the macro environment is still leaning bearish, keeping Avalanche subdued.

AVAX Price Is Vulnerable

Avalanche is currently priced at $17.19, marking a 25% decline over the past two weeks. The sharp drop came after AVAX failed to break through the $22.87 resistance level. This rejection led to the current consolidation below $20.00, with bulls unable to reverse the trend.

Given the existing market cues, Avalanche may struggle to reclaim $18.27 as a support level. If the altcoin fails to secure this level, it risks dropping further to $16.25. This would deepen investor losses and delay any chances of recovery.

On the upside, a key shift would occur if AVAX can flip $19.86 into support. This would suggest strengthening bullish sentiment and open the door for a rally toward $22.87. Reclaiming this level could allow Avalanche to recover some recent losses and restore investor confidence.

The post Avalanche (AVAX) Price Stuck Below $20 as Bearish Cues Prevent a Strong Rebound appeared first on BeInCrypto.