Bitcoin outflows from miners’ wallets plummet to multi-month low, bullish sign?

Most Bitcoin miners are active sellers in the market. They clear part of their inventory and sell Bitcoin for fiat currency to pay for daily operating expenses such as electricity bills.
However, currently they seem to be hoarding their newly minted Bitcoins, and they have no incentive to cash out at current prices. The decrease in miners transferring funds to exchanges suggests that they believe that the price of Bitcoin will be higher in the near future.
Data from Glassode, an online monitoring resource, shows that the Bitcoin balance of miners' savings has been increasing, and the amount of Bitcoin transferred from miners to exchanges fell to 49,893 BTC, the lowest level in four months.

Glassode pointed out in a tweet that the 7-day outflow of Bitcoin that miners use to exchange for US dollars has just dropped to 49.893 BTC, a 4-month low.
In January and early February of this year, miners sent a large number of Bitcoin shares to exchanges. In other words, there was a peak in profit taking and turnover. However, Bitcoin miners are now firmly holding their Bitcoins.
Additionally, Glassnode’s Miner Position Net Change indicator, which shows the 30-day change in miner address inventory, has been flashing green this month, another sign that miners are not selling cryptocurrency.
Bitcoin appears poised for significant gains as miners accumulate, and historically, declines in miner outflows have preceded price increases, although they do not necessarily signal a rally.
Bitcoin’s performance this year has been impressive, but investors waiting for a monthly record may be disappointed.
April has typically been a strong month in Bitcoin’s 12 years of existence, with five consecutive years of positive growth since 2016. Data from the Bybt aggregator shows that Bitcoin’s April growth rate in 2021 was -7.42%, the worst April since 2015, despite Bitcoin hitting an all-time high two weeks ago.

With less than 48 hours left in May, Bitcoin is valued at $54,308 at press time.
Bitcoin briefly rebounded above $56,000 amid rumors that Facebook was going to invest in BTC. These rumors were squashed after the social media giant released its first quarter 2021 financial results.
Whether or not the reduction in miners transferring funds to exchanges will lead to a significant price increase is anyone’s guess.

In the short term, Bitcoin must break through the $55,000 market sentiment support level. If it can cross this area, a massive surge above $60,000 is possible. (Blockchain Knight)