Miners sharply reduced bitcoin sales in September

by in Cryptocurrency News

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The current week started with the strengthening of bitcoin. The largest digital currency for the first time since the end of September began to trade above $20,000. In a day, the BTC rate strengthened by 4% to $20,092.

Altcoins were also able to partially win back losses. Ether (ETH) rose to $1340, while Cardano (ADA) and Solana (SOL) rose to $0.43 and $34.5 respectively. Dogecoin achieved the greatest success, which added more than 8% in value in a day.

Conditions for a rebound in bitcoin and other digital currencies have been created over the past few weeks. The growth of the US stock market last Tuesday turned out to be a "trigger" that exacerbated volatility.

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According to CryptoQuant, in September, the majority of miners refrained from selling cryptocurrencies. After the August reset, they switched to maintaining reserves. Over the past 30 days, mining pool holdings have remained stable at 1.86 million BTC.

Analysts doubt that Bitcoin will be able to hold above $20,000 as it failed to break the resistance at $20,400.

Most likely, in the coming hours, the course will be corrected. However, the $19,000 to $20,000 support zone should work and we won't see a deeper dive.