Bitcoin miner activity signals potential volatility, with reserves dropping to 1.8092M BTC.
Bitcoin dominance at 64% hints at a possible altcoin season revival.
Institutional inflows surge, with BlackRock and Fidelity driving demand.
Ascending triangle breakout could push BTC toward the $121,000 mark.
Bitcoin holds its ground at nearly $95,000 amid the ongoing tariff wars between and the world. As Donald Trump has recently announced increased tariffs and retaliation from the Chinese government, Bitcoin is taking a lateral path.
Sustaining the above crucial support of nearly $95,000, the intraday rise of 0.66% in Bitcoin drives the market price to $97,133. With multiple lower price rejections and Doji formations, is Bitcoin destined to bounce back above the $100,000 mark this week? Let’s find out amid the rising bullish technical signals.
Bitcoin Miner Activity: Supply Surge and Hash Ribbon Crossovers
Amid the possibility of a bullish comeback in Bitcoin, major movements in Bitcoin miner activity have been witnessed. In a recent X post by Ali Martinez, BTC miner activity is now shifting.
#Bitcoin $BTC miner activity is shifting, a trend that has historically preceded major price movements! pic.twitter.com/FWXvv8WV7T
— Ali (@ali_charts) February 9, 2025
miner activity is shifting, a trend that has historically preceded major price movements!
— Ali (@ali_charts)
As per the hash ribbon, the miner pullback in the 30-day average line is now down near the 60-day average level, hinting at a potential negative crossover. As per the historical Bitcoin price trend in correlation with the hash ribbon, such crossovers signify a zone of major price movements.
In addition, the Bitcoin miner reserve, highlighted by the analyst, shows over 2,000 Bitcoins have moved from miner wallets in the past week. This highlights a significant drop in the Bitcoin miner reserve since the start of February.
Over 2,000 #Bitcoin $BTC have moved from miner wallets in the past week pic.twitter.com/6nNwedktM1
— Ali (@ali_charts) February 9, 2025
Over 2,000 have moved from miner wallets in the past week
— Ali (@ali_charts)
The miner reserve is now down to 1.8092 million BTC. The Bitcoin miner wallet activity hints at a counter viewpoint, warning of a potential rejection of a breakout possibility.
Bitcoin Dominance and Altcoin Season: Historical Patterns Repeat?
In a recent X post by Ted Pillows, a crypto enthusiast, a correlation between Bitcoin dominance and altseason was highlighted. During the previous bull market in 2021, BTC dominance was assumed to top out at 66%, but it rebounded to 74%.
Last cycle people thought 66% was Bitcoin dominance top.$BTC dominance shot up to 74%, which led to Altcoin capitulation and started the Altseason.
This cycle, people thought 60% was BTC dominance top, and recently BTC dominance hit 64%, and alts capitulated.
I guess it’s… pic.twitter.com/zN1sUy9f4C
— Ted (@TedPillows) February 9, 2025
Last cycle people thought 66% was Bitcoin dominance top. dominance shot up to 74%, which led to Altcoin capitulation and started the Altseason.
This cycle, people thought 60% was BTC dominance top, and recently BTC dominance hit 64%, and alts capitulated.
I guess it’s…
— Ted (@TedPillows)
Currently, the Bitcoin dominance trend showcases a similar move, bouncing back to 64% after the BTC price recovery. In 2021, this deviation led to an altcoin capitulation and the beginning of a new altseason.
As BTC price is now decreasing and showing signs of deviation, an altcoin season could be on the verge of hitting the market. Amid such uncertainties, BTC price is likely to slow down as altcoins take center stage in the crypto market.
Hence, this could hint at Bitcoin’s current all-time high potentially being the BTC top of this cycle.
Institutional Flows: Spot ETF Inflows Continue to Rise
Despite the shift in mining activity and Bitcoin dominance trends hinting at a BTC top, institutional flows could change the historical trend. On February 7, the daily total net inflow in US Bitcoin spot ETFs recorded $171.19 million.
Driving the rally, BlackRock remained the biggest purchaser on that day with a $21.87 million inflow, raising its cumulative net inflow to $40.79 million. Currently, BlackRock holds a net asset of $56.36 billion, followed by Fidelity holding $20.32 billion.
On February 7, Fidelity purchased $52.47 million worth of Bitcoin, driving its cumulative net inflow to $12.78 billion. As key institutions continue to purchase Bitcoin, rising demand is likely to reflect in its market price.
Furthermore, on the weekly trend, Bitcoin has recorded six consecutive weeks of positive inflows since the start of 2025. Hence, if institutional accumulation of BTC continues, the market price is likely to bounce back to a new all-time high.
Bitcoin Price Analysis: Ascending Triangle Holds the Fate
In the daily chart, the BTC price trend is sustaining above a local support trendline. With multiple Doji candles, Bitcoin bulls are taking charge with minor intraday recovery.
This hints at a potential bounceback from the trendline to challenge the overhead ceiling at $106,214. The overhead ceiling and the local support trendline form an ascending triangle pattern in the daily chart.
Within the triangle, the BTC price is likely to complete a new positive flow. Furthermore, it will significantly increase the chances of a breakout rally for a new all-time high.
Supporting the upside chances, the stochastic RSI indicator is giving a positive crossover in the oversold region. This hints at a potential bullish turnaround in the BTC price trend.
With the intraday recovery, the pivot levels highlight the crucial resistance near the $100,000 psychological mark. On the flip side, the immediate support under the local support trendline remains near $92,312, close to the S1 pivot support level.
In case of a triangle breakout, BTC price is likely to challenge the R2 resistance level near the $121,000 mark. This accounts for an upside potential of 25% in BTC prices.