Bitcoin has given a slight boost after hitting a new all-time high of nearly $123,000 as miners appear to be making money.
Bitcoin (BTC) is trading at around $117,538 at press time, down about 5% from its latest peak. Overall there is still some momentum, but there are signs that short-term pressure is beginning to appear, especially from miners and long-term holders.
According to a July 16 analysis by Cryptoquant Contributor Avocado_onchain, the miner’s position index has risen above 2.7. This shows that miners are transferring more BTC to exchange compared to their yearly average. In the past, such activities often exhibited short-term revisions. Some miners were profiting after strong price increases.
However, this MPI level is far below the extremes seen at previous market peaks. According to analysts, this movement may follow a pattern frequently observed during the bull cycle. This consists of short sideways or pullbacks followed by further upward movement.
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Another July 16 report by Cryptocant Contributor Onchain School highlighted the unusual surge that would earn money from long-term holders about 10 days ago. This didn’t stop the price from getting higher, but it shows that some old coins are moving again. It is usually a sign that early investors are aware of profits. It is still unknown whether this marks a turning point or simply pauses.
Bitcoin rose 0.3% from 8% last week’s last day. Trading volume fell 9.7% on the last day to $63.9 billion. Derivative data also shows a decline in interest as futures volumes fell 14.76% and openings of rights fell by just 1%.
Technically, Bitcoin continues to trade on a strong upward trend. Prices still outperform the important moving average and the Bollinger band mid-band. The relative strength index is 67.42, indicating that just below the level of overbuying, there may be space for upward movement without overheating the market.
Bitcoin price analysis. Credit: crypto.news
In the short term, Bitcoin could encounter resistance close to the $121,000-$123,000 mark. Support is located near $111,000, followed by $102,000 if the decline continues. Retesting these levels may help reset momentum before new legs rise.
In the long term, the outlook is still advantageous. The macro environment still supports Bitcoin as a valuable store. There are no significant indications that facility holders are withdrawing, and minor activity has not escalated to panic levels. If current emotions continue, decline could become a new entry point rather than a long-term reversal.
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