Binance pool miner reserves dropped from 41,987 to 41,915 in May, a small but significant sign that the selling pressure from miners has not stopped. Crypto analysts said that because Binance Pool controls a large portion of the hash in the world, its behavior tends to show how Bitcoin miners hear before the big market starts.
Collaborative Reading
The Miner Position Index remains below the historic sell-off, and the Puell Multiple – the number of miners’ earnings compared to the long-term – is still below one. Researchers have described the current trend as a “waiting phase,” a pattern that has been seen near previous trends.
Long-Term Residents Take Part in Giving
More than 70% of all Bitcoin in circulation is now in the hands of investors who have held it for a year. This number passed above 15 million BTC for the first time since October 2025, according to CryptoQuant data.
🚨 $BTC Long-Term Investors Just Highlighted The Indicator That Has Led Every Share Of Growth Since 2012.#Bitcoin The 1Y+ Long Term Holder metrics are now back in the “oversold” portfolio, an area that was already visible before the breakout… pic.twitter.com/9ZHwKFJRm9
– CryptoZeno (@CrypZeno) May 20, 2026
The CryptoZeno expert said that the metrics with one year of consolidation have returned to the territory that, in the previous lines, came before the prices. Based on reports citing CryptoZeno’s analysisSimilar readings appeared ahead of higher moves in 2013, 2016, 2019, and at the end of 2022. When these workers are buying instead of selling, the available supply strengthens – and historically, that has not been a good time to bet on low prices.
Major Technical Indicator Turns Bullish
Bitcoin’s weekly Relative Strength Index re-tested the 50 level this week, prompting a special reading by crypto analyst Sykodelic. This reversal came 105 days after Bitcoin’s weekly RSI fell into oversold territory – only the fourth time this has happened on record.
Sykodelic noted that three of the four events led to long-term price increases. One exception was 2022, where FTX to fall it dragged the market to a new low after the first recovery attempt, and the RSI failed to recover the 50 level during this period. This time it really happened.
The chances of new lows have been very low.
It’s been 105 days since the down cycle, where the 1W RSI entered the high…
For the 4th time only.
The only time Bitcoin made a new low was after 105 days from the bottom of its last cycle.
However, the RSI was… pic.twitter.com/ej7vReV8H6
— Sykodelic 🔪 (@Sykodelic_) May 20, 2026
Dropping Under $60,000 Called ‘Very Slim’
Taken together, experts say that the data is moving away from the new damage. The combination of long-term holders converging near historic lows, a technical indicator that is improving for the first time since February, and the mine’s performance in line with previous lows, experts are largely unanimous in their opinion.
Collaborative Reading
The odds of Bitcoin falling below $60,000 again, Sykodelic said, remain very slim.
Whether that confidence remains depends on whether the market can avoid external shocks — such as a major exchange-rate failure — that broke the system in 2022.
Image from Yellow, chart from TradingView
