Miners Reduce Exchange Inflows, Signaling a Potential Bullish Trend for Bitcoin Recovery

Bitcoin's $60,256 level acts as crucial support for a potential bullish breakout. Analyst Jelle suggests Bitcoin could reach $100K if it breaks through key resistance.

Bitcoin’s price dropped sharply on Monday, kicking off October, a month that traders typically view as bullish with an average gain of 22%. The price fell by nearly $5,000, bringing it down to $60,798.

However, in a positive sign for Bitcoin as October begins, miners are reducing their inflows to exchanges, which could signal a bullish trend for the cryptocurrency.

Miners Are Reducing Exchange Inflows

As highlighted by CryptoQuant analyst Axel Adler Jr, miners are cutting back on their inflows to exchanges following a noticeable increase in sales after the Bitcoin halving. This reduction is significant as it may indicate a shift in sentiment among miners.

Miners are slowly decreasing their inflows to exchanges after increasing their sales following the halving.

A good signal. pic.twitter.com/bpXnbWwimJ

Historically, when miners hold onto their Bitcoin rather than selling it, it can be a bullish sign for the cryptocurrency. As the 30-day moving average (MA) shows miners decreasing their inflows to exchanges, Adler notes that this trend may be positive in the market downturn.

Many traders might be concerned by the current price drop, but the fact that miners are reducing their sales may indicate stronger future demand for Bitcoin. If miners believe that prices will rise, they are more likely to hold onto their assets rather than flooding the market with sales.

Bitcoin Poised For $100K Target - Analyst

In a further bullish analysis, prominent crypto analyst Jelle noted that the $60,256 level serves as both support and resistance. If Bitcoin manages to stay above it, we could see a strong indication of a rising price.

#Bitcoin has spent 6 months chopping around this key support / resistance level.

Currently retesting it from above.

Hold above it, and the multi-year falling wedge will finally start playing out.

Target: $100,000 #Bitcoin pic.twitter.com/uxg2vTAHNv

According to Jelle, if Bitcoin can sustain its presence above this key level, it might begin a bullish trend that many traders have been anticipating. He suggests that this could lead to a breakout from a falling wedge pattern.

Jelle’s analysis targets $100,000 for Bitcoin, based on the historical price trends. If Bitcoin manages to break through this key resistance level and sustain its position, reaching this target might be on the cards.

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