Mining pools have been accumulating bitcoins over the past six months. Now the reserves of miners are at their highest level since the beginning of May, that is, before the fall in the value of BTC.
CryptoQuant research says that despite tiny drops, mining pools generally continue to hoard. This strategy of miners should positively affect the price of BTC.
Analysts emphasized that the pools have been hoarding bitcoins for most of the past year. Then, as can be seen in the presented graph, the miners staged a huge sale, which led to a collapse in the value of the coin. In the spring, the accumulative strategy again became dominant; in May, as a result of another cryptocurrency reset, we saw a drop in the value of BTC.
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Now the accumulation continues, and so far there are no signs of an imminent change in the tactics of miners. On the night of Wednesday, October 27, the price of bitcoin increased to $ 62 10. The capitalization of BTC over the past seven days has grown by 44.6% to $ 1.176 trillion.
IntoTheBlock estimates that Bitcoin is unlikely to drop below $ 61,500 in the current market environment, as the first strong support zone for the cryptocurrency is expected in this area.