Bitcoin Dips to $60K: Miners Reduce Exchange Inflows, Signaling a Bullish Turn?

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Bitcoin just fell sharply as October begins, a month that traders usually see as a bullish month with an average gain of 22%. The price has dropped nearly $5,000 and is now sitting at $60,798. Despite the current market downturn, there’s a silver lining for Bitcoin. Miners are reducing their inflow to exchanges, which could be a bullish sign for a market recovery.

Miners Reduce Exchange Inflows

According to CryptoQuant analyst Axel Adler Jr, miners are starting to cut back on their inflows to exchanges after a notable increase in sales following the Bitcoin halving. This reduction is significant, as it could reflect a change in sentiment among miners. 

Miners are gradually reducing their inflow to exchanges after an increase in sales following the halving.

A good signal. pic.twitter.com/bpXnbWwimJ

— Axel Adler Jr (@AxelAdlerJr) October 3, 2024

Historically, when miners hold onto their Bitcoin instead of selling, it can signal a bullish outlook for the cryptocurrency. However, the 30-day moving average (MA) indicates that miners are decreasing their inflow to exchanges. 

Adler highlights that this trend may be a positive sign amid market turmoil. While many traders might feel anxious about the current price drop, the fact that miners are pulling back their sales could suggest stronger future demand for Bitcoin. 

If miners believe that prices will rise, they are likely to hold onto their assets rather than flooding the market with sales.

Bitcoin Eyeing For $100k

Adding bullish to the analysis, well-known crypto analyst Jelle explains that the $60,256 level can act as both support and resistance. If Bitcoin can stay above it, it could show strong signs of a rising price

Jelle believes that if Bitcoin holds above this key level, it might start a bullish trend that many traders have been waiting for. He mentions that this could lead to a breakout from a falling wedge pattern. 

Jelle targets $100,000 for Bitcoin, based on historical price trends. If Bitcoin breaks through this key resistance level and maintains its position, reaching this target could be achievable.