Bitcoin's Miners' Position Index (MPI) has reached a historic low of -1.04, suggesting minimal selling pressure from miners. This low MPI indicates that miners are holding onto their Bitcoin, reducing structural supply pressure on the cryptocurrency. Despite this, Bitcoin remains under selling pressure, trading below $70,000, with $70,000 acting as resistance and $65,000 as immediate support. Historically, such low MPI levels have appeared during market stress or post-capitulation phases, reflecting miner caution. While reduced miner selling is a positive sign, it does not automatically lead to increased demand. The market's next move will depend on liquidity and who absorbs the available supply, whether through spot buyers, ETFs, or derivatives. Traders are closely watching for signs of renewed demand and potential shifts in momentum.