Bitcoin price has been steadily increasing, rising around 4% over the past seven days. This trend reflects improving market sentiment and growing investor optimism.
As momentum builds up, on-chain indicators suggest the possibility of a sustained increase in upcoming trading sessions.
Miners Hold Steady
Bitcoin Miners have continued to accumulate, with miner reserves reaching a weekly high of 1.8 million BTC.
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Bitcoin Miners' reserves. Source: CryptoQuantBitcoin Miners' reserves track the number of coins held in miners' wallets. It represents the amount of coins miners have not sold. When it decreases, miners are moving coins out of their wallets, typically to sell, confirming an increasingly bearish sentiment towards BTC.
Conversely, when it increases, miners are holding more mined coins, which often reflects confidence in future price appreciation and bullish prospects.
Moreover, the decline in BTC flow from miners to exchanges emphasizes miners' accumulation trend on the network over the past seven days.
According to CryptoQuant, this indicator, measuring the total number of coins sent from miners' wallets to exchanges, has decreased by 10% during that period.
Bitcoin Miners' flow to exchanges. Source: CryptoQuantWhen BTC flow from miners to exchanges decreases, miners are not selling and are keeping their coins off exchanges. This reduced selling pressure signals growing confidence in BTC price and may help reinforce its price increase.
Furthermore, last week, inflows into spot Bitcoin ETFs turned positive, reversing the negative outflows recorded in the previous week. According to SosoValue, from 08/04 to 08/08, capital inflows into these funds totaled 247 million USD.
Total net inflows into spot Bitcoin ETF. Source: SosoValueThis change signals institutional buying interest and a shift in market sentiment towards BTC. Institutional investors remain confident that the coin will continue to rise and are increasing direct exposure through ETFs.
Can BTC Break Through 118,851 USD to Reach 120,000 USD?
The combination of new institutional demand and miners' confidence strengthens the likelihood of BTC returning above 120,000 USD in the short term. However, for this to happen, the king coin must overcome the resistance level at 118,851 USD.
Bitcoin price analysis. Source: TradingViewOn the other hand, if accumulation stalls, the coin could continue to decline and fall to 115,892 USD.
