Bitcoin Miners Show Lowest Selling Pressure Since May 2024, Market Cautious

Bitcoin miners have exhibited the lowest selling pressure since May 2024, a historically rare occurrence. This development has sparked discussions about potential shifts in the market. Historically, similar lows in selling pressure have often preceded periods of sideways consolidation or outright price declines, rather than immediate rallies. Positive market reactions to low miner selling pressure have been observed in only a few instances, such as December 2012, September 2013, parts of 2016, and July 2021. In most cases, however, Bitcoin has struggled to sustain any momentum, indicating that miners holding back their sales often signals underlying instability.

Bitcoin’s hashrate, which measures the computational power of the network, hit a fresh all-time high in April 2025. This peak in mining activity was followed by a noticeable drop, creating a pattern that previously foreshadowed major Bitcoin price corrections. Notably, April 14 has been a critical inflection point in past years, marking local tops in both 2021 and 2023. While 2025 has not yet seen a corresponding price top, the recent cooling in hashrate raises concerns about potential miner stress, similar to the conditions before Bitcoin’s sharp downturns.

So far in 2025, miners have sold strategically, taking advantage of the early-year price strength. Their current low selling pressure can be seen as a sign of resilience. However, it may also hint at complacency. If Bitcoin’s price stagnates or falls further, the risk of miner capitulation might loom large. Should stress begin to surface, a new wave of forced selling could emerge, tilting Bitcoin’s delicate equilibrium sharply into a phase of renewed volatility.

At press time, Bitcoin was hovering near the $95,000-mark. However, its momentum indicators suggested caution. The Relative Strength Index (RSI) seemed to be approaching overbought territory at 68.44, hinting at potential exhaustion among buyers. Meanwhile, the On-Balance Volume (OBV) flattened after a steady climb, signaling a slowdown in buying pressure on the charts. While Bitcoin has held on to its recent gains, the lack of strong volume support and rising RSI stress increases the risk of a near-term pullback. Unless bulls reclaim aggressive momentum soon, BTC could face consolidation or even a minor correction before attempting a clean breakout above $95,500.