‘Bullish’ — Struggling Miners Done Selling Their Bitcoin, Says Analyst

Bitcoin (BTC) miners are setting up a bullish trend despite large sell-offs around the halving, a new data metric suggests. According to Glassnode’s Miner Outflow Multiple (MOM), outflows from mining pools compared to their one-year moving average are nearing all-time lows.

MOM calculates coins leaving mining pools and compares them to the yearly moving average as a ratio. Bitcoin’s mining difficulty, which automatically regulates the incentive to participate in the Bitcoin network, is currently on course to repeat another trait from December 2018 — three back-to-back downward adjustments in a row.

Timeline of Bitcoin