Bitcoin miners' reserves continue to decline slowly, suggesting Bitcoin may remain range-bound in the short term
BlockBeats news, on May 22, according to the latest data from CryptoQuant, Bitcoin miners' reserves continued to decline to around 41,915 BTC, and supply is still entering the market. However, the Miners' Position Index (MPI) is at a weak level (around -0.26), indicating that miners' selling pressure is limited and there has been no panic selling.
Analyst PelinayPA pointed out that the current moderate supply pressure means Bitcoin is likely to maintain a sideways consolidation in the short term rather than rebound rapidly. The cautious stance of miners suggests that the true market bottom may take more time to be confirmed, and investors should be wary of a prolonged period of volatility.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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