The Bitcoin miners are very clear about the strategies they adopt, since they are conserving more cryptocurrencies than they sell in the markets. According to metrics from blockchain research firm Glassnode, after two months of spending, miners are saving their mining rewards again.
For example, during January, daily sales were higher with caps reaching almost 24,000 BTC. However, in February the trend began to decline by more than 50%.
This strategy suggests that if the miners' saving trend continues or increases, the price of bitcoin could rise further. The reason is that it would decrease the supply of BTC in the cryptocurrency markets, which would accentuate the shortage of bitcoin.
This analysis, we can see it reflected in the 4-hour chart of BTC, after having broken its downward pressure line, it is now trading, above the SMA of 21 and above the EMA of 200.
The medium-term objective is to reach the $ 62,500 area, therefore, we technically notice this bullish signal.
Our recommendation is to buy the BTC at current price levels with targets at $ 50,000 and $ 56,250.
Support And Resistance Levels For March 01 - 02, 2021
Resistance (1) $48,770
Resistance (2) $50,709
Resistance (3) $54,124
Support (1) $45,250
Support (2) $43,280
Support (3) $41,341
