Bitcoin [BTC] struggled to recover after sellers rejected it near $64,988 three days earlier. It then posted two lower daily closes.
At press time, BTC traded near $64,278. The price remained above its 9-day Exponential Moving Average (EMA).
Are Bitcoin miners selling BTC?
Blockchain tracker Lookonchain described recent transfers by MARA and Riot Platforms as miner selling activity. MARA moved 200 BTC, worth $12.86 million, to NYDIG. Riot Platforms sent another 381 BTC, valued at $24.51 million.
Together, the miners moved 581 BTC worth roughly $37.3 million.
Arkham showed Riot’s transfer reaching an NYDIG Execution Hot Wallet. That destination may support execution activity, though it does not independently confirm a completed sale.
Even so, large miner transfers can keep traders alert to potential supply pressure.
Are other Bitcoin miners still holding?
Broader miner data painted a less bearish picture. CryptoQuant’s Miner Netflow Total rose to 371 Bitcoin [BTC] on the 7th of August. The metric stood near -83 BTC on the previous day. The shift suggested that tracked miners received more BTC than they sent.
Meanwhile, Miner Reserve rose to 1.1928 million BTC after reaching a recent low.
However, the reserve remained below late-July levels. The uptick, therefore, suggested a pause in distribution, not a confirmed accumulation trend.
Can Bitcoin reclaim $65K?
Bitcoin traded above its 9-day EMA, which sat near $64,062. This showed that buyers defended the immediate trend level.
However, the Relative Vigor Index (RVGI) remained below zero. The RVGI stood at -0.0016, while its signal line sat at -0.0358. The indicator’s crossover suggested that bearish momentum had eased. It did not yet confirm a bullish reversal.
A sustained hold above the 9-day EMA could bring $65,000 back into focus. Failure to hold it may leave BTC vulnerable to another pullback.
Final Summary
- MARA and Riot moved 581 BTC worth $37.3 million to NYDIG, creating a potential supply overhang.
- Miner Reserve rose slightly, while Bitcoin held above its 9-day EMA near $64,000.