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A curious dichotomy is emerging in the Bitcoin [BTC] market, leaving investors to ponder the next move. On one hand, data indicates that Bitcoin miners’ selling pressure has plummeted to its lowest point since May 2024, a scenario often interpreted as a sign of miner confidence and potential price stability. However, this development coincides with familiar patterns in Bitcoin’s hashrate, which are flashing historical warning signs of potential market instability.
⛏️ Bitcoin Miners Record the Lowest Selling Pressure Since May 2024!
— Alphractal (@Alphractal) April 27, 2025
Historically, periods of low selling pressure from miners have been followed, most of the time, by sideways consolidation phases or even price declines for Bitcoin.
Positive reactions have been rare, occurring… pic.twitter.com/ynxu1YFrla
The current lull in miner selling pressure is indeed noteworthy. Historically, such low levels have rarely been sustained and have frequently preceded periods of sideways trading or outright price declines. While isolated instances in the past, such as December 2012 and July 2021, saw positive market reactions following similar miner holding patterns, the overwhelming trend suggests caution. The act of miners holding onto their Bitcoin, while seemingly bullish on the surface, has often been an indicator of underlying market fragility.
Adding to this complexity are the trends observed in Bitcoin‘s hashrate. The network’s computational power reached a new all-time high in April 2025, a move that bears an uncanny resemblance to the peak observed in April 2021. Both instances saw a surge in mining activity followed by a subsequent dip, a pattern that previously foreshadowed significant price corrections for the cryptocurrency. Notably, April 14th has emerged as a critical inflection point in past cycles, marking local price tops in both 2021 and 2023. While 2025 has yet to mirror this price peak, the recent cooling of the hashrate is raising concerns that miner stress, a precursor to sharp downturns, may be beginning to resurface.
Year-to-date analysis reveals that miners have strategically sold portions of their holdings, capitalizing on the price strength seen earlier in 2025. Their current reluctance to sell could be interpreted as a sign of resilience, indicating they anticipate further price appreciation. Conversely, it could also suggest a degree of complacency. Should Bitcoin’s price falter or stagnate, the risk of miner capitulation – a forced selling of their holdings due to economic pressures – could become a significant threat, potentially triggering a new wave of selling pressure and injecting renewed volatility into the market.
At press time, Bitcoin is trading near the $95,000 mark. However, technical indicators suggest a cautious outlook. The Relative Strength Index (RSI) is nearing overbought territory at 68.44, signaling potential buyer exhaustion. Simultaneously, the On-Balance Volume (OBV) has flattened after a period of steady growth, indicating a weakening in underlying buying pressure. While Bitcoin has maintained its recent gains, the absence of strong volume support coupled with a rising RSI increases the probability of a near-term pullback.
Unless buyers can swiftly regain significant momentum, Bitcoin may face a period of consolidation or even a minor correction before attempting a decisive break above the $95,500 resistance level. The interplay between miners’ holding patterns and concerning hashrate trends paints a complex picture for Bitcoin’s immediate future, demanding careful observation from investors.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Bitcoin to New ATHs in May? Here’s Why Analysts Are Bullish
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
