Bitcoin Miners Net Position Turn Positive: A Crypto Bull Case? 

glassnode miners

Bitcoin in Downtrend After another week of turbulent market volatility, the cryptocurrency market saw severe drops with Bitcoin (BTC) and its peers plummeting nearly 25% from recent highs. This selloff caught many speculators and traders off-guard, causing a panic reaction across the market. The Crypto Fear and Greed Index shifted from a weekly high of 94 back down to a more modest 55. However, analysts have reiterated that minor corrections are both necessary and organic, as Bitcoin looks to consolidate around its hard support levels. Analyzing Miners Net Position Change For the first time since late December of last year, Bitcoin miners’ net position change reverted back to positive. Some analysts have seen this renewed accumulation by miners as a bullish indicator, citing that the recent selling pressure may subside. Still, it’s unclear whether decreased selling from mining pools will leave a noticeable impact on Bitcoin’s price. Historically, there has…

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