Bitcoin Recovery Amid Rising Miner Activity and Long-Term Indicator Signals

Bitcoin is rebounding from a dip that pushed its price close to $100,000, amid market turbulence caused by tensions between Donald Trump and Elon Musk. Currently trading at approximately $104,891, Bitcoin's recovery is noteworthy, especially considering the recent surge in miner activity. Data from CryptoQuant shows that Bitcoin miners have transferred over $1 billion daily to exchanges during late May, a level not seen in previous cycles, which is often an indicator of potential sell-offs and short-term volatility. This increased inflow suggests that miners may be preparing to sell, which could exert downward pressure on the price. However, the Hash Ribbons indicator is signaling a possible long-term opportunity, as it shows miners recovering from capitulation periods, potentially paving the way for future rallies. Overall, while short-term risks are elevated due to miner selling activities, the longer-term outlook remains optimistic given the supportive signals from the Hash Ribbons.