Bitcoin News Today: Bitcoin Holds Near $120K Despite Miner Sell-Off and $1B Liquidations

Bitcoin’s price remains stubbornly near $120,000 despite the largest miner sell-off in weeks, with on-chain data showing a sharp drop in miner reserves. According to CryptoQuant data via BlockBeats, miner BTC holdings fell to 1.8065 million on August 13, marking the lowest level in a month after a three-day sell-off that involved over 2,000 BTC [1]. This decline follows a period of accumulation earlier in August when reserves had reached a peak above 1.810 million BTC [1]. The selling activity has been observed during a critical price consolidation phase, as Bitcoin has held just below $120,000 amid fading bullish momentum.

While the sell-off has created short-term downward pressure, Bitcoin has shown resilience, maintaining support above $119,000. The latest on-chain activity coincided with a minor pullback from recent $119K highs, flagged by analysts on social media platforms [1]. This comes after Bitcoin briefly hit $124,400 on August 13, driven by growing institutional demand and favorable macroeconomic developments [2]. However, the subsequent pullback triggered over $1 billion in leveraged position liquidations across the crypto market [2].

Technical indicators reflect a cooling of bullish momentum. The MACD line is now below the signal line, with a histogram reading of -100.96, suggesting reduced upward force. Meanwhile, the RSI has moved to 58.38, down from overbought territory above 70 in early August [1]. These signals indicate a market in consolidation, testing the ability of institutional buyers and long-term holders to absorb the additional supply from miner sales without breaking the broader uptrend.

Historically, sharp declines in miner reserves have coincided with short-term price corrections, as seen in late July and early August [1]. Analysts suggest these sell-offs often occur as miners lock in profits following price rallies or as a means to cover operational costs. The key resistance for Bitcoin now sits at $120,000–$122,000, with a potential breakout opening the door to $125,000. A failure to break above this range, however, could lead to a retest of support levels between $117,000 and $115,000 [1].

The broader market has continued to rally, with Bitcoin trading as high as $123,500 in the past week, up 7.66% from the previous week [3]. The 30-day chart shows consistent price action above $110,000, reinforcing sustained investor confidence. Institutional participation has also increased, with the launch of new investment vehicles such as Unilabs’ Bitcoin fund [4]. Meanwhile, the overall crypto market cap has climbed to $4.2 trillion, as Bitcoin’s performance has driven a broad-based rally [8].

Market participants are closely watching whether the current demand from ETFs, institutional investors, and long-term holders can offset the increased supply from miner sales. While volatility remains a feature of the market, the underlying bullish trend appears intact, supported by macroeconomic expectations of U.S. rate cuts and a broader risk-on sentiment [7]. Analysts remain cautious about near-term corrections but are optimistic about the long-term potential of Bitcoin, particularly if favorable policy and monetary conditions continue [9].

Source:

[1] Bitcoin Pulls Back to $121800 After Record High (https://www.newsbtc.com/bitcoin-news/bitcoin-pulls-back-to-121800-after-record-high-is-this-just-a-breather-before-the-next-leg-up/)

[2] Crypto Slide Spurs $1B Leverage Flush, But It's a Healthy Pullback (https://www.coindesk.com/markets/2025/08/14/crypto-slide-spurs-usd1b-leverage-flush-but-it-s-a-healthy-pullback-analysts-say)

[3] Bitcoin at $124K, Reaches All-Time High (https://m.economictimes.com/markets/cryptocurrency/bitcoin-at-124k-reaches-all-time-high-heres-what-experts-say/articleshow/123296817.cms)

[4] Unilabs Launches BTC Fund (https://za.investing.com/news/technology-news/unilabs-launches-btc-fund-can-it-trigger-120000-btc-breakout-doge-whale-says-yes-3841230)

[8] Bitcoin News Today: Bitcoin Surges Past $120K (https://www.ainvest.com/news/bitcoin-news-today-bitcoin-surges-120k-rate-cut-hopes-boost-crypto-market-4-2-trillion-2508/)

[9] Crypto Prices Today: Bitcoin Above $120k (https://invezz.com/news/2025/08/13/crypto-prices-today-bitcoin-above-120k-eth-rally-pushes-okb-fartcoin-higher/)