Bitcoin (BTC) is trapped in its new consolidation band, holding between about $76,000 and $78,500. That range has now become the market’s near-term battlefield, with BTC roughly 38% below its all-time highs.
While this sideways action may appear stable, a new CryptoQuant report argues that miners themselves don’t yet believe the market has fully reached a bottom.
No Panic, Still CautiousIn this case, falling reserves suggest that Bitcoin miners within the pool are continuing to trim what they hold in reserve. Typically, reserve reduction can reflect ongoing operational selling pressure, meaning miners are still supplying BTC to the market rather than stepping back completely.
In other words, the Bitcoin selling activity they’re showing appears more tied to necessity than to a full-scale rush to get out. CryptoQuant frames this as a reason the risk of an abrupt, catastrophic price dump remains relatively low for now.
The Puell Multiple is also cited as supporting the same overall interpretation. CryptoQuant notes that the Puell Multiple remaining below 1 indicates miner revenues are still weak and under pressure compared with historical baselines.
Instead, miners look like they’re in a wait-and-watch mode. CryptoQuant says this kind of behavior is often observed near bottom formations, even if it doesn’t confirm one has fully formed yet.
Bitcoin Price Outlook ‘Mixed’At the same time, exchange reserves are described as being at a monthly high, which is another sign that selling pressure is elevated. In that context, CryptoQuant’s implication is straightforward—if Bitcoin breaks down again and loses $76K, selling pressure could intensify quickly.
At the time of writing, Bitcoin was trading at $77,763, having recorded a decline of almost 5% after failing to break above and hold $83,000 during last week’s rally.
Featured image created with OpenArt, chart from TradingView.com
