After a shaky start to 2022, Bitcoin, the world’s largest cryptocurrency, has shown some signs of life in the previous two days. Well, owing to the massive miner swarm that has occurred during the previous few days.
According to the graphic on Glassnode, miners have been making aggressive Bitcoin purchases, demonstrating their full faith in Bitcoin at $40K levels. Miners have been accumulating at the fastest rate since the market drop in May 2021, according to latest statistics.
“Miners are accumulating #Bitcoin at the fastest rate since May 2021!💥🚀 “pic.twitter.com/5n9RRty0Qi — Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) January 11, 2022
Bitcoin miners have added more than 6,100 BTC to their kitty for the fifth day in a row. Furthermore, after the recent market correction, mining behemoth Bitfarms added a whopping 1000 BTCs, bringing its total holdings to 4,300.
Jurrien Timmer, Fidelity’s director of Global Macro, offers an intriguing analysis. Timmer says that, as a result of the Fed’s hawkish stance, the crypto market has been under pressure, as has the stock market.
However, he adds that Bitcoin has now established a key support level at $40,000. Timmer uses the S-curve model to investigate this.
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