29-4-2025 – Bitcoin miners have dialled back their selling activity to levels unseen since May 2024, sparking intrigue among market watchers. This rare restraint, while suggestive of resilience, carries echoes of historical patterns that have often preceded periods of market stagnation or sharp declines. As Bitcoin’s hashrate flashes cautionary signals reminiscent of past cycles, investors are left to ponder whether this moment heralds quiet strength or the stirrings of impending volatility.
The current lull in miner selling is striking. Data reveals that such lows have typically been a precursor to sideways trading or downward pressure, with only fleeting exceptions—such as December 2012, September 2013, parts of 2016, and July 2021—where Bitcoin managed to harness positive momentum. More often, this behaviour has betrayed underlying fragility, hinting at challenges brewing beneath the surface of an otherwise buoyant market.
Compounding these concerns are trends in Bitcoin’s hashrate, which soared to an all-time peak in April 2025, only to cool in a manner eerily similar to April 2021. That earlier period, much like 2023, saw a surge in mining activity give way to a dip, often a harbinger of significant price corrections. The date of 14 April has proven a curious inflection point in prior years, marking local peaks that preceded sharp retreats. While Bitcoin has yet to mirror those tops in 2025, the recent hashrate decline raises questions about whether miners are beginning to feel the strain, potentially setting the stage for turbulence.
Throughout this year, miners have navigated the market with calculated precision, capitalising on Bitcoin’s early 2025 price surge. Their current restraint could reflect confidence in the asset’s trajectory, yet it might equally mask complacency. Should Bitcoin’s price falter or stagnate, the spectre of miner capitulation looms, threatening to unleash a fresh wave of forced selling that could unsettle the cryptocurrency’s delicate balance.
At the time of writing, Bitcoin hovers near $95,000, but its technical indicators urge caution. The Relative Strength Index (RSI), climbing to 68.44, teeters on the edge of overbought territory, signalling potential buyer fatigue. Meanwhile, the On-Balance Volume (OBV) has plateaued after a steady ascent, pointing to waning buying enthusiasm. Without a resurgence of robust volume to bolster its gains, Bitcoin risks slipping into consolidation or facing a modest retreat before it can challenge the $95,500 threshold with conviction.
