Bitcoin Miners Poised to Maintain BTC Above $40k

Bitcoin Miners Acquire $482M Worth of BTC Amid Downturn

On January 19, the price of Bitcoin dipped to a 40-day low of $40,700, sparking concerns of major liquidations if it loses the $40,000 support. However, on-chain data reveals that Bitcoin miners stepped in to defend the crucial support level. Cryptoquant’s miner reserve metric shows that miners increased their BTC holdings by 12,058 BTC on January 19 alone. This acquisition is worth approximately $482 million, suggesting that miners are bullish and willing to invest to prevent the slump from continuing.