Bitcoin’s price recently failed to breach the $110,000 resistance, reigniting concern among investors. The crypto king has been volatile throughout the past month, struggling to maintain momentum amid profit-taking and weak market conviction.

This volatility now appears to be affecting miner behavior, signaling a shift in on-chain dynamics.

Bitcoin Miners Are Selling

Long-term holders (LTHs), one of the most influential Bitcoin investor groups, have slowed their selling pace. On-chain data shows that supply held by these entities has declined by over 46,000 BTC ($108,174.00) in recent days. While traces of selling remain visible, the reduction marks a potential shift toward long-term conviction and reduced profit-taking.

This moderation suggests two key possibilities. Either LTHs are growing weary after months of selling, or they are confident in Bitcoin’s eventual recovery. The slowdown in distribution provides a slight cushion against downward pressure.

Bitcoin LTH Net Position Change. Source: Glassnode

Meanwhile, Bitcoin miners seem to have stepped into the selling role previously held by LTHs. Following BTC’s failure to breach $115,000, miners sold approximately $172 million worth of Bitcoin — the largest outflow recorded in nearly six weeks. This suggests that some miners are seeking to lock in profits amid ongoing price instability.

While this amount may appear modest compared with Bitcoin’s total market capitalization, miner activity often signals near-term sentiment shifts. The latest wave of selling reflects mild bearishness and a cautious approach from operators managing liquidity amid volatile market conditions.

Bitcoin Miner Balance. Source: Glassnode

BTC Price Direction Remains Uncertain

Bitcoin’s price currently stands at $107,968, hovering above the key $108,000 support level. Historically, BTC has slipped through this zone during periods of miner or institutional profit-taking. Maintaining this support is crucial for preventing a deeper retracement.

If miner selling intensifies, Bitcoin could drop toward $105,585, marking a two-week low. The move would likely trigger short-term liquidation pressure and add to investor uncertainty. A further decline could also weaken technical support ahead of $103,000.

Bitcoin Price Analysis. Source: TradingView

However, if miners ease off and sentiment stabilizes, Bitcoin could rebound toward $110,000. A confirmed breakout above this level may pave the way for a rise to $112,500, restoring short-term bullish confidence in the market.

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