BTC price explodes at $92,000 despite Bitcoin miners turning a profit

It didn’t take long for Bitcoin to resume its bull run and climb above $90,000 to set a new all-time high, this time around $92,000.

This comes despite some reports that BTC miners have started making profits to cover certain expenses.

There is a lot going on with the price of BTC this past week, especially since it was announced that Donald Trump will be the next US President.

The asset’s run has been spectacular, with bitcoin soaring from $68,000 to over $75,000 in one day last Wednesday. That was just the beginning, as the cryptocurrency topped $80,000 over the weekend and twice challenged $90,000 on Tuesday.

Although it failed there early and fell to $85,000 yesterday, the bulls regained control minutes ago and sent the biggest digital asset to over $90,000. Also, its last peak was $92,000 (on Bitstamp).

Despite retreating around a thousand since then, BTC is still up 4.5% on the day and over 20% on a weekly basis.

Bitcoin/Price/Chart 11/13/2024. Source: TradingView

The latest increase comes despite a recent report from CryptoQuant indicating that some miners had started to take profits amid the ongoing rally. However, it doesn’t seem to be a concern at the moment and BTC still has a lot of room for growth.

“So while the current miner sell-off may be early positioning for the next cycle, the volume of Bitcoin being sold suggests there is still plenty of room for further growth in this cycle.”

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