BTC Price Explodes to $92K Despite Bitcoin Miners Reportedly Taking Profit
It didnt take long for bitcoin to resume its bull run and spike above $90,000 to chart a fresh all-time high, this time at roughly $92,000.
This comes despite some reports indicating that BTC miners have started to take profits to cover certain expenses.
Theres a lot going on with BTCs price in the past week, especially since it became known that Donald Trump will be the next president of the US.
The assets run has been nothing short of spectacular as it took bitcoin from $68,000 to over $75,000 within a day last Wednesday. That was just the beginning as the cryptocurrency spiked above $80,000 over the weekend and challenged twice $90,000 on Tuesday.
Although it failed there at first and dropped to $85,000 yesterday, the bulls resumed control minutes ago and sent the largest digital asset to over $90,000. Moreover, its latest peak came at $92,000 (on Bitstamp).
Despite retracing by about a grand since then, BTC is still 4.5% up on the day and more than 20% on a weekly scale.
The latest surge comes despite a recent report by CryptoQuant indicating that some miners had started to take profits amid the ongoing rally. However, it doesnt seem to be worrisome at the moment, and BTC still has a lot of room for growth.
Therefore, while the current miner selling may be early positioning for the next cycle, the volume of Bitcoin being sold suggests there is still ample room for further growth in this cycle.
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