Bit361
2024/05/05 05:58
BITCOIN MINER POSITION INDEX
While Bitcoin’s price has been trading below the $75K level, many market participants have been offloading their coins as they assume that the bull market might be over or a much deeper pullback is probable. However, miners are not in this group.
This chart demonstrates the Miners Position Index (MPI) metric. It measures miners’ selling pressure. Values above 2 can be considered dangerous, as they show massive destruction by the miners.
As the chart depicts, the MPI has been dropping rapidly over the last few months. This is a good sign, as the Miners’ selling pressure is declining. Thus, with sufficient demand, Bitcoin’s price can once again begin a rally toward $80K and even higher prices.
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