Miners accumulate as Bitcoin tops $114K with high difficulty
Bitcoin miners have shifted from historic sell-offs to long-term accumulation following the recent halving and ETF approvals. CryptoQuant data shows the Miners’ Position Index (MPI) holding steady instead of spiking. This change is reinforced by sovereign reserve recognition and growing transaction fees.
Network resilience is evident as Bitcoin’s mining difficulty hit a record 136 trillion within the “Banana Zone.” At press time, BTC traded above $114,000, up 1.4% in 24 hours. Despite elevated fees—which often signal market peaks—price action remains in a steady, stepwise rally, even after a 4% pullback from the $124,000 all-time high.
Bitcoin miners’ reduced selling pressure and sustained accumulation reinforce a bullish outlook. Traders may watch for a renewed test of the $124,000 level as miners’ long-term holding supports further upside.
Bullish
This update signals a clear shift in miner behavior from selling to accumulation, reducing downward pressure on BTC supply. In the short term, diminished miner sell-offs and steady on-chain fee growth support price stability and incremental gains. Over the long term, record mining difficulty and ongoing accumulation demonstrate network resilience and miner confidence, which often precede new highs. ETF approvals and sovereign reserve adoption further reinforce institutional demand. Taken together, these factors create a bullish outlook, increasing the likelihood of a renewed test of, and potential breakout above, the $124,000 all-time high.