Recently, an interesting on-chain signal was observed: wallets belonging to early miners from 2010 have started moving. Forty addresses, each with 50 Bitcoins, all transferred to exchanges, indicating they might be looking to sell. These veteran miners usually act only at critical moments, suggesting they believe now is a good selling opportunity.

Last week, Bitcoin dropped from 78,000 to around 74,000, and there has been little buying support in the past couple of days. Honestly, whether it can stabilize at this level tonight when the US stock market opens will be very important. The recent rally last week was mainly supported by a large institution buying for eight consecutive days, with weekly inflows reaching a three-month high. If institutional funds can absorb this miner sell-off, there might still be some play; if not, it’s likely to drop back to 70,000 again.

Geopolitical tensions are also affecting the trend. Recent Iran-U.S. negotiations have fallen back into uncertainty, causing oil prices to rebound significantly, and Bitcoin’s adjustment is normal. There are still variables on the ceasefire negotiations, and overall, the price movements depend on those developments. In the short term, miner selling pressure and institutional buying power are confronting each other at this level, and it’s likely to oscillate around 74,000 for a while. The key still depends on whether institutional inflows can continue.