The number of reserves in the Binance pool miner decreased slightly from 41,987 to 41,915 in May, indicating that selling pressure from miners is still present. Analysts believe that the behavior of Binance Pool, which controls a significant portion of the global hash rate, can provide insight into the sentiment of Bitcoin miners before the broader market reacts.
The Miner Position Index remains below levels associated with panic-selling, and the Puell Multiple, a measure of miner revenue compared to long-term averages, is still below one. Analysts characterize the current behavior of miners as a “wait phase,” a pattern typically observed near market bottoms.
Over 70% of circulating Bitcoin is now held by investors who have maintained their positions for at least a year, surpassing 15 million BTC for the first time since October 2025. Analysts point out that this accumulation by long-term holders has historically preceded significant price increases.
A key technical signal recently turned bullish as the weekly Relative Strength Index for Bitcoin retested the 50 level, indicating a positive outlook according to crypto analyst Sykodelic. This retest occurred 105 days after Bitcoin’s weekly RSI entered oversold territory, a rare occurrence that has historically led to long-term price growth.
Analysts suggest that the data currently points away from a potential breakdown in the market. With long-term holders accumulating, positive technical indicators, and miner behavior in line with past market bottoms, the likelihood of Bitcoin dropping below $60,000 again is deemed “extremely slim” by Sykodelic.
However, the market’s resilience will be tested by its ability to withstand external shocks, such as a significant exchange failure, which disrupted the pattern in 2022. Ultimately, the confidence in the market’s stability hinges on avoiding such unforeseen events.
[Image source: Yellow, chart from TradingView]