The Block Crypto News12 minutes ago

Published on July 29, 2024 11:41 GMT+00:00edited on July 29, 2024 11:44 GMT+00:00

Bitcoin miners may have kicked off a new accumulation phase in a step to potentially benefit from a range of fresh catalysts, an analyst said.

Speaking to The Block, BRN lead analyst Valentin Fournier said that on top of accumulating mining rewards, mining firms appear to be purchasing bitcoin straight from the market to increase their reserves. "They have triggered the Hash Ribbon signal, a long-term bullish indicator highlighting the end of miner capitulation and the increase of the processing power used to mine bitcoin," he added. One such miner involved in large scale bitcoin purchases is MARA, recently rebranded from Marathon Digital, that announced on Thursday it has purchased an additional $100 million worth of bitcoin.

Bitcoin could reach new all-time high

Fournier said that …