The rate of bitcoin has risen from $3 867 to $7000 for 13 days to March 25. At this time, the miners has sold more than it produced, writes CoinDesk, citing the scroll bars resources miners (MRI).
21-day MRI remained above 100 throughout the bitcoin recover from its recent lows. A reading above 100 means that the miners sell more than is produced, and thus reduce the reserves. As the price grew, obviously, those who wanted to buy bitcoin, it was enough to satisfy the proposal of the miners.
Mining pools are the largest suppliers of bitcoins on the exchange and have a significant influence on the price. At the same time, observers believe the market reaction is positive.
«When the price of bitcoin is rising sharply from local minima, and buyers can absorb the selling bitcoin miners for more with no apparent effect, it is a sign of strength of the overall market,» said analyst, Digital Assets Data’connor Abendsen.
In particular, the miners reduced the reserves on Wednesday, said the founder of the company developed MRI ByteTree Charlie Morris.
«The miners have sold 2 to 1 788 588 mined, crushing the market, but the market accepted them. It is a bullish signal,» he said. On Wednesday, the bitcoin price fell from $6 700 $6 500, but later came back.
Others claim that one day of observations is insufficient for such conclusions.
«Sales in 2 788 Wednesday was not statistically significant to play a large role in the movements of bitcoin for longer periods, said operations Director Two Prime Alexander bloom. Against the background of the number of bitcoins worldwide sales of miners was less than 1%».
Analyst CoinDesk notes that the increase is not confined to a single day, as observed over the past two weeks, which allows to hypothesize the possible continuation of the rally.
Simultaneously, bitcoin is vulnerable to fluctuations in global financial markets. In recent days, the shares partially recovered, mainly thanks to the support of the United States. Pandemic coronavirus, however, do not think to stop, but the economic damage could be more serious than analysts expect. So, in the U.S. last week announced a 3 million unemployed, double the forecasts of economists.
«If you think that what is happening now is economic crisis, you are mistaken, wrote on Thursday, a supporter of investment in gold and bitcoin critic Peter Schiff. Is the health crisis. The economic crisis will continue and will result from financial assistance. The crisis will be worse not only the great recession but the great depression».
«We must remain vigilant with regards to another liquidity crisis,» – said the head of the digital assets of the Bank Swissquote Chris Thomas.