• Bitcoin miners have cashed out over $27 million, raising eyebrows about whether BTC can keep its price rally going.
• Bitcoin’s price is bumping up against a major hurdle at $87K, and miners are increasingly selling—are buyers strong enough to withstand this pressure?

Bitcoin [BTC] miners have been on a selling spree, collectively taking home profits exceeding $27 million. This move comes as BTC seems to be finding its footing within a critical price range.

With miners actively selling off their holdings, the big question is: how will this impact Bitcoin’s next move? Could this selling pressure put a ceiling on Bitcoin’s potential to climb higher, or is the market resilient enough to absorb these liquidations without breaking stride?

Bitcoin miners’ profits spike

Fresh data reveals that early Bitcoin miners have pocketed over $27.2 million in profits as BTC traded in the $83,000 to $84,000 zone.

This marks a significant wave of selling, especially following Bitcoin’s recent dip from its peak above $90,000.

Source: CryptoQuant

Historically, when miners start taking profits like this, it can signal a bit of a breather for Bitcoin’s price surge. This often leads to a period where the price either stabilizes or even dips a little.

Looking at Glassnode’s miner net position change chart, the selling trend seems to be ongoing, with more Bitcoin flowing out of miner wallets than coming in.

It appears miners are choosing to reduce their Bitcoin stashes rather than increase them, further hinting at potential price weakness in the near future.

How much BTC are miners still holding?

Even with this recent selling activity, Bitcoin miners still hold a significant chunk of BTC. However, the speed at which their holdings are decreasing could give us clues about what they expect to happen with prices.

The data suggests a mixed bag: while some miners are locking in profits, others might be keeping their BTC in anticipation of another price jump.

Source: Glassnode

If Bitcoin manages to stay above its current support levels, a renewed wave of buying could help stabilize prices.

However, if miners keep selling off their coins, Bitcoin might find it tough to conquer key resistance levels, especially in the $87,000-$90,000 range.

Key levels to watch

At the time of writing, Bitcoin was changing hands around $83,289. The 50-day moving average is currently sitting at $87,400, and the 200-day moving average is hovering near $95,916.

These moving averages are important thresholds that Bitcoin needs to overcome to regain its bullish momentum.

Right now, immediate support is around $82,500. If the price dips below this, we could see further declines toward $80,000.

On the upside, the key resistance to break is at $87,000. A confident push above this level could signal a fresh surge of bullish energy.

Source: TradingView

With miners increasing their selling pressure, Bitcoin’s ability to hold its current position will be critical in shaping its next direction.

Traders should be closely watching how miners behave. Continued selling could put the brakes on Bitcoin’s upward movement, while any signs of stabilization might clear the path for a potential price recovery.