- Miner reserves fell to 1.8065M BTC, lowest in a month, after selling over 2,000 coins.
- BTC price remains near $120K despite the largest miner sell-off in weeks.
- MACD and RSI show fading momentum as market tests supply absorption.
Bitcoin’s push toward the $120K mark is meeting fresh headwinds as miners unload over 2,000 BTC in just three days. The sell-off, which slashed reserves to a one-month low, comes at a critical resistance level where momentum is already cooling.
Miner Reserves Hit Lowest in a Month
On-chain data from CryptoQuant via BlockBeats shows miner reserves dropped sharply from August 11 to August 13, falling to 1.8065 million BTC. This marks the steepest three-day decline in weeks, following a period of accumulation earlier in August. Ali Charts flagged the activity on X, noting the sell volume coincided with a minor pullback from $119K highs.
In July, reserves had peaked above 1.810 million BTC, supported by strong price action near $119K. The latest sell-off reverses that build-up, mirroring previous sharp drawdowns in late July and early August that aligned with short-term price dips. Historically, reserve declines of this scale often signal miners locking in profits after rallies or preparing liquidity for operational costs.
BTC Holds $119K as Momentum Cools
Despite the selling pressure, Bitcoin price has held above $119K, last trading at $119,998 on Binance — up 0.35% in the latest session. Price structure remains bullish, with higher lows intact since June’s $97.5K base. However, momentum indicators show signs of cooling.
The MACD line is now at 659.66, below the signal line at 760.61, with the histogram reading -100.96, reflecting reduced bullish strength. RSI has eased to 58.38 from early August’s overbought zone above 70, suggesting buying pressure is moderating.
The $120K–$122K band remains the key resistance. A breakout could open room toward $125K, but failure may prompt a retest of $117K–$115K support. Market watchers are now focused on whether current demand — from institutional flows, ETFs, and long-term holders — can absorb the extra supply miners have released without breaking the upward trend.
