Bitcoin Price Drops as Miners Shift to Accumulation

Bitcoin (BTC) price continues to draw the attention of investors with its sharp declines in recent times. Experiencing significant regression since its peak in October, Bitcoin may enter a possible stabilization process as miners adopt a more strategic approach in the past weeks. CryptoQuant analysts report that this shift in miners' behavior signals structural relief despite the downtrend.

Bitcoin price fell from $119,771 in mid-October to the $94,000 range. However, during this process, it has been observed that miners preferred to accumulate instead of engaging in panic selling. Throughout October, miners' 30-day net position remained on average 843 Bitcoin in the positive. However, as prices fell below $110,000 at the beginning of November, this position quickly turned negative.

Especially between November 7-17, it is noted that miners were on average 831 Bitcoin in the negative. This indicates that miners have reduced the need to sell by making planned adjustments as prices declined. According to the data from the last thirty days, miners only executed sales on 11 days, while they focused on accumulation for 19 days. A total of 6,048 Bitcoin were sold against 6,467 Bitcoin purchased.

CryptoQuant analysts highlight a net accumulation of 777 Bitcoin in the last seven days. Despite Bitcoin price experiencing a 12.6% value loss in the last thirty days, the shift to positive for miners allows for a reevaluation of this process as a positive development. As of November 17, the 30-day net position turning to a positive 419 Bitcoin indicates that weak miners have largely completed their forced sales.

According to the CryptoQuant analyst, such transitional periods have frequently been observed just before phases where prices establish a bottom in the past. Therefore, the miners returning to an accumulation direction heralds a possible stabilization process for the bleeding market. Investors should carefully monitor these developments and take into account the indications regarding the future of the market.