BTC miners gradually reduce holdings: Bitcoin miners are gradually reducing their holdings recently as the coin’s price continues to hover below the 100,000 USD mark. Currently, BTC is trading at 98,535 USD, down 1% from the all-time high of 99,860 USD recorded in last Friday’s session. As the BTC market starts showing signs of sideways movement, miners may distribute more of their holdings to profit or offset escalating mining costs.

Data from Cryptoquant and Netflow: According to data from Cryptoquant, BTC miners’ holdings have dropped to their lowest since the beginning of the year, to just 1.81 million BTC. This index tracks the number of coins that miners keep in their wallets, representing the reserves they have not sold. Furthermore, data from BTC’s Netflow shows the continuous trend of miners selling coins. At the time of writing, this index’s value is at a negative -1,172 BTC, indicating that miners are selling more coins than they purchase.

Long-term outlook remains positive: Although BTC miners have increased their selling pressure in recent weeks, the positive outlook on the leading coin remains strong. This is reflected in the calculation method of the parabolic SAR indicator, where the current dot of this indicator is below BTC’s price. The parabolic SAR indicator determines the trend direction of an asset and potential reversal points. When the dots are under the price of the asset, it indicates an uptrend. Traders often see this as a signal to buy in and exit short positions.

Impact of trend on BTC price: If this trend continues, BTC’s price could regain its all-time high of 99,860 USD and potentially surpass the psychological 100,000 USD level. On the other hand, if profit-taking activities increase, this will negate the bullish outlook and if buying pressure weakens, BTC’s price could drop to 88,986 USD.