Bitcoin Miners’ Revenue Stabilizes Following Halving, Reports Coin Metrics
Bitcoin (BTC) miners’ revenue has stabilized following the recent halving event, according to a new report from Coin Metrics. Despite initial concerns about profitability, miners appear to have adjusted effectively to the reduced block rewards.
Bitcoin Faces Resistance at $88K–$90K Zone
Bitcoin traders turned bullish this week as BTC prices surged toward the $88,000 mark. However, the cryptocurrency has struggled to surpass this critical resistance level, prompting some analysts to suggest a potential pullback.
Crypto analytics platform Alphractal highlighted that Bitcoin whales have begun entering short positions around the $88,000 price point. The platform’s “Whale Position Sentiment” metric, which tracks large trades exceeding $1 million, showed a sharp reversal, indicating bearish sentiment among major market players.
Alphractal CEO Joao Wedson confirmed that whales have closed their long positions, historically signaling potential downward price movements.
Bearish Signals from Onchain Metrics
CryptoQuant’s onchain indicators also suggest caution, with 8 out of 10 signals turning bearish. Metrics such as exchange inflows and miner activity indicate a possible short-term correction.
CryptoQuant CEO Ki Young Ju recently warned investors to expect “6-12 months of bearish or sideways price action,” suggesting the current rally may lose momentum.
Bitcoin Exchange Outflows Indicate Accumulation
Despite bearish signals, some investors remain optimistic. Data from IntoTheBlock shows net Bitcoin outflows from exchanges totaling $424 million over the past week, indicating accumulation by long-term holders.
Technical Outlook: BTC Needs to Break $90K
On the technical side, Bitcoin formed an intraday high at $88,752 on March 24 but has since struggled to surpass this level. BTC is currently trading within an ascending channel pattern, facing resistance from key moving averages.
Analysts suggest that Bitcoin must close decisively above $90,000 to sustain bullish momentum toward the $100,000 milestone.
Quick Summary
- Bitcoin miners’ revenue stabilizes post-halving, according to Coin Metrics.
- BTC faces strong resistance at the $88,000–$90,000 price range.
- Whales entering short positions signal potential bearish reversal.
- Onchain metrics from CryptoQuant indicate bearish sentiment.
- Exchange outflows suggest accumulation by long-term investors.
- BTC needs a clear break above $90,000 to continue upward momentum.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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