Bitcoin is struggling to hold its ground. After failing to break and stay above $83,000, the asset fell nearly 5% and was trading around $77,763 as of Friday. A fresh report from CryptoQuant suggests the people who actually produce Bitcoin — the miners — don't believe the market has truly bottomed yet. That caution, combined with whale distribution and rising exchange reserves, is keeping the pressure on.
Miners aren't calling the bottom
The CryptoQuant analysis points to several signals. The Miners' Position Index is in negative territory, which normally indicates miners aren't panic-selling. But the tone is different this time. The report says miners are selling out of necessity, not fear — meaning they need cash to cover operational costs. The Puell Multiple, a measure of miner revenue relative to historical averages, remains below 1. That means revenues are weak. Miners are in a wait-and-watch mode, a pattern often seen near price floors. But the report stops short of saying a bottom is confirmed. It's more like they're holding their breath.
Binance Pool Miner Reserve data shows reserves are still declining. That's operational selling pressure, plain and simple.
Whales take profits near $78,000
Whales reportedly accumulated around the $78,000 level and are now distributing their holdings in the $77,000 to $81,000 range. That's not exactly a vote of confidence. If big holders are taking profits right where the market is sitting, it adds another layer of resistance. The buying that helped prop up price at $78k is now turning into supply.
Exchange reserves climb to a monthly high
Exchange reserves — the amount of Bitcoin sitting on trading platforms — hit their highest point in a month. More coins on exchanges typically means more potential selling. That's another weight on price. If Bitcoin breaks below $76,000, the report warns selling pressure could intensify quickly. That's the level traders are watching this weekend.
At the time of writing, Bitcoin was at $77,763 and heading into Friday evening with no clear catalyst to reverse the slide. The next concrete test is whether that $76,000 support holds or breaks.
