Bitcoin Miners Remain Cautious Amid Bullish Signals

According to recent data, Binance Pool miner reserves have slipped from 41,987 to 41,915 in May, indicating that selling pressure from miners has not fully stopped. However, this slight decrease does not necessarily mean that Bitcoin's price will drop.

The majority of circulating Bitcoin is now held by long-term investors who have been accumulating near historical lows. This trend is seen as a bullish signal, as it indicates that holders are confident in the market and are buying instead of selling.

Additionally, technical indicators are also pointing to a bullish trend. The weekly Relative Strength Index (RSI) for Bitcoin has retested the 50 level, triggering a bullish read from crypto analyst Sykodelic. This reading is significant because it has only happened four times before in Bitcoin's history, and three of those instances led to long-term price expansion.