Long-term holders buying and miners selling detected simultaneously…Can Bitcoin continue its rebound?

Bitcoin (BTC) price has recovered to the $90,000 level at the beginning of the new year and is showing a rebound, while on-chain supply and demand show conflicting signals simultaneously. Long-term accumulation addresses are actively absorbing volumes, whereas miners are moving held bitcoins to exchanges, realizing some profits.

On the 7th (local time), Cointelegraph reported that, according to CryptoQuant on-chain data, accumulator addresses net-bought about 60,000 BTC over the first six days of January this year. The total holdings of these addresses quickly rose from about 249,000 BTC at the end of last year to around 310,000 BTC. This is interpreted as a change that breaks out of the long sideways range of 200,000–230,000 BTC that continued from September to December last year.

The point at which accumulation intensified coincided with the time Bitcoin's price rebounded into the low $90,000s. This means there is demand to absorb supply even at the current price level rather than waiting for further corrections. The market views this as a sign of restored confidence centered on medium- to long-term investors.

On the other hand, miners' movements point in a somewhat different direction. During the same period, about 33,000 BTC moved from miners' wallets to Binance. CryptoQuant analyzed that miners, after the recent price rebound, are putting some holdings on the market as part of risk management. Generally, miner selling has acted as a factor limiting the short-term price ceiling.

However, the prevailing assessment is that it is difficult to conclude a trend reversal based solely on miner selling. The key is how stably accumulation demand can absorb the newly supplied volumes. CryptoQuant explained, 'It is not miner distribution itself but whether spot demand that offsets it is maintained that determines price directionality.'

Micro market indicators also show a trend of easing selling pressure. According to Binance's net taker flow on the 7th, an average daily net selling of about $2.3 billion occurred in November last year, pushing Bitcoin price down to around $84,000. Thereafter, through December, selling intensity eased, and in January this year there have been seven consecutive trading days of net buying. The scale is not large, at about $410 million on average per day, but analysts say it's meaningful because it indicates an exit from a sell-dominant phase.

Sentiment indicators also point to a stable phase rather than overheating. The Bitcoin Unified Sentiment Index entered the neutral zone for the first time since November last year. Bitcoin researcher Axel Adler Jr. diagnosed, 'The fear phase has eased, but it is difficult to say it has shifted to excessive optimism.'

In summary, the Bitcoin market currently appears to have entered a balanced zone where accumulation and distribution occur simultaneously. In the short term, miner selling may act as an upper-limit burden, but analysts say the medium-term trend depends on how sustained accumulation demand will be. The market sees the spot demand's absorption capacity over the coming weeks as the key variable that will determine the continuity of this rebound.