On-chain data shows that selling pressure from Bitcoin Miners It has slowed down recently. This is important considering the impact it could have on Bitcoin price Heading into the third quarter of the year.
Selling pressure from Bitcoin miners has decreased significantly.
Refer to data from on-chain analytics platform Crypto QuantCryptocurrency analyst Crypto Dan noted that selling pressure from miners has decreased significantly for two reasons. The first is that the amount of Bitcoin these miners hold is Sent to exchanges Car sales have fallen sharply since May.
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Second, the crypto analyst noted that the OTC desk volume that miners use to sell has been consumed, suggesting that someone recently bought all of the Available Bitcoin Offer Of these miners. The trading volume on the OTC platform is said to have been piling up until June 29, as there were no buyers willing to buy these cryptocurrency tokens.
Bitcoin Miners Contribute greatly To the price crash that the leading cryptocurrency suffered in June. Data from IntoTheBlock Market Intelligence Platform Data showed that these miners sold 30,000 bitcoins ($2 billion) during the month. This put significant selling pressure on bitcoin, causing it to drop below $60,000 at one point.
As such, the decrease in selling pressure represents a bullish development for Bitcoin and may continue. bull run For the leading cryptocurrency, Crypto Dan noted that this development created “sufficient conditions” for Bitcoin’s bullish rally to continue in the third quarter of the year.
As cryptocurrency analyst Willy Woo said: It was predicted in advance. Bitcoin price is expected to recover once miners give up. Once this is overcome, Bitcoin could enjoy an upward trend this month and make huge moves to the upside.
BTC bullish trend has started
Cryptocurrency Analyst Rekt Capital This was mentioned on X (formerly Twitter) recently. mail He said that the Bitcoin bullish trend has started. He claimed that the top-level decline has been confirmed, and Bitcoin is now moving higher. He added that the leading cryptocurrency is developing Big bull flagproviding a bullish outlook for the cryptocurrency token.
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In another X mailThe crypto analyst noted that Bitcoin’s goal after its strong start in July is to build “a foundation that will enable it to launch into the high-range area at $71,500 over time.”
Cryptocurrency Analyst Michael Van De Poppe also Proposal Bitcoin’s downtrend is over and a bullish reversal is underway as the leading cryptocurrency makes big moves higher. He also stated that he believes Bitcoin hit the bottom Support has been found at the $60,000 level, which means that a drop below this price level anytime soon is unlikely.
At the time of writing, Bitcoin is trading at around $62,900, down over the past 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com