Bitcoin has surpassed the significant milestone of $95,000, which has brought renewed hope to the market, especially for miners. This milestone has caused a shift in miner sentiment, evident from the increase in Bitcoin miner reserves over recent days according to on-chain data.

Before April 29, Bitcoin's miner reserve had reached a yearly low of 1.80 million BTC, but following the breakthrough above $95,000, it started to rise again, indicating accumulation. The miner reserve tracks the amount of coins held by miners that they have yet to sell. A decrease in this reserve signifies bearish sentiment, as miners are likely selling their coins. Conversely, the current uptrend implies that miners are holding onto more coins, showing confidence in Bitcoin's potential future price increase.

This positive miner sentiment is reinforced by the rise in miner netflow since April 29, suggesting that miners are accumulating more coins rather than selling them on exchanges. However, despite the optimistic outlook from miners, derivatives data presents a different perspective.

The funding rate in the futures market has remained negative since the start of May, indicating a belief among traders in an imminent price correction. The negative funding rate shows more short positions than long ones, signaling bearish pressure on Bitcoin's price.

Although miners are displaying confidence through their behavior, traders are cautious, as evidenced by the prevailing bearish sentiment in derivatives markets. Depending on whether bullish sentiment from miners or bearish sentiment from traders prevails, Bitcoin's price may either break above resistance levels and aim for $102,080 or fall below $95,000 to reach $92,910.