New Bitcoin Lows? Analysts Say Chances Are | Crypto News
Binance pool miner reserves slipped from 41,987 to 41,915 in May, a small but telling signal that promoting stress from miners has not absolutely stopped. Crypto analysts said that because Binance Pool controls a major share of global hash charge, its habits tends to replicate how Bitcoin miners really feel before the broader market catches on.
The Miner Position Index stays below historic panic-selling ranges, and the Puell Multiple — a gauge of miner income relative to long-term averages — is still under one. Analysts described the current miner habits as a “wait phase,” a sample that has appeared close to cycle bottoms before.
Long-Term Holders Take Over The Supply Side
More than 70% of all circulating Bitcoin is now sitting in the fingers of traders who have held for at least a 12 months. That determine crossed back above 15 million BTC for the first time since October 2025, according to data from CryptoQuant.
$BTC Long Term Holders Just Flashed The Signal That Preceded Every Major Expansion Phase Since 2012.#Bitcoin The 1Y+ Long Term Holder metric has now dropped back into the historic “oversold” accumulation zone, a area that beforehand appeared before explosive upside… pic.twitter.com/9ZHwKFJRm9
— CryptoZeno (@CrypZeno) May 20, 2026
Analyst CryptoZeno said the one-year-plus holder metric has returned to a zone that, in past cycles, got here just before major price climbs. Based on stories citing CryptoZeno’s analysis, related readings appeared forward of upside strikes in 2013, 2016, 2019, and late 2022. When these holders are shopping for instead of promoting, accessible provide tightens — and traditionally, that has not been a good time to guess on decrease costs.
A Key Technical Signal Flips Bullish
The weekly Relative Strength Index for Bitcoin retested the 50 stage this week, triggering a bullish read from crypto analyst Sykodelic. That retest got here 105 days after Bitcoin’s weekly RSI fell into oversold territory — only the fourth time that has occurred on document.
Sykodelic famous that three of those 4 cases led to long-term price growth. The one exception was 2022, when the FTX collapse dragged the market to new lows after an initial recovery attempt, and the RSI never managed to reclaim the 50 stage during that transfer. This time, it did.
The likelihood of new lows has change into extraordinarily slim.
It has now been 105 days since the cycle low, in which the 1W RSI entered oversold…
Only for the 4th time ever.
The only time Bitcoin made new lows after 105 days after the underside was in the last cycle.
However, the RSI had… pic.twitter.com/ej7vReV8H6
— Sykodelic (@Sykodelic_) May 20, 2026
Odds Of A Drop Below $60,000 Called ‘Extremely Slim’
Taken together, analysts say the data factors away from a contemporary breakdown. The mixture of long-term holders accumulating close to historic lows, a technical indicator flipping constructive for the first time since February, and miner habits constant with past bottoms has analysts broadly aligned on one view.
The odds of Bitcoin falling below $60,000 again, Sykodelic said, have change into extraordinarily slim.
Whether that confidence holds will rely on whether or not the market can keep away from the type of exterior shock — like a major exchange failure — that broke the sample in 2022.
Featured image from Yellow, chart from TradingView
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