Bitcoin Consolidation Expected to Continue Amid Weak Miner Selling

The latest on-chain data from CryptoQuant suggests that miner selling has not been aggressive enough to push Bitcoin's price sharply lower.

Miner reserves have been declining, but the Miner Position Index (MPI), which compares current miner outflows to their historical average, remains low. This indicates that miners are not offloading coins aggressively, but rather just enough to cover costs without signaling panic.

The lack of conviction among miners is contributing to Bitcoin's consolidation range, with neither buyers nor sellers having seized control. The thin volumes and failed breakout attempts also support this view.

While institutional tokenization deals continue to advance, regulatory friction remains high, which may be keeping buyers from jumping in. As a result, the path of least resistance for Bitcoin is likely to remain sideways in the near term.