Recent on-chain data indicates that the selling pressure from Bitcoin miners has slowed down significantly in the past few weeks. This decline in selling pressure could potentially have a positive impact on Bitcoin’s price as we enter the third quarter of the year. According to Crypto Dan, a crypto analyst who referenced data from the on-chain analytics platform CryptoQuant, there are two main reasons for this decrease in selling pressure.
Firstly, the quantity of Bitcoin that miners have been sending to exchanges to sell has decreased substantially since May. This reduction in supply being dumped onto the market could help stabilize Bitcoin’s price and prevent sudden drops in value due to an oversupply of coins. Secondly, Crypto Dan also mentioned that the volume of the OTC Desk that miners use for selling their Bitcoin has been exhausted. This suggests that someone has recently bought up all the available supply from these miners, leading to a decrease in selling pressure.
Bitcoin miners played a significant role in causing price crashes for the flagship cryptocurrency in June. Data from IntoTheBlock revealed that miners sold a substantial amount of BTC throughout the month, putting immense pressure on Bitcoin’s price and causing it to drop below $60,000 at one point. However, with the recent decline in selling pressure, there is now a more bullish sentiment surrounding Bitcoin’s price trajectory.
Crypto Dan highlighted that the current conditions in the market are favorable for Bitcoin to continue its upward rally in the third quarter of the year. This positive outlook is further supported by analysts like Willy Woo, who predicted that Bitcoin’s price would recover once miners capitulate. The decrease in selling pressure from miners could pave the way for Bitcoin to make significant moves to the upside in the coming weeks.
According to crypto analyst Rekt Capital, Bitcoin has already started its uptrend and is forming a macro bull flag, indicating a bullish trend for the cryptocurrency. Another analyst, Michaël van de Poppe, suggested that Bitcoin’s downtrend is over and a bullish reversal is underway. He also expressed confidence that Bitcoin has found support at $60,000, making a drop below that level unlikely in the near future.
As of the latest data, Bitcoin is trading at around $62,900, showing a slight decline in the past 24 hours according to CoinMarketCap. Despite this minor dip, the overall sentiment surrounding Bitcoin’s price is positive, with many analysts expecting the cryptocurrency to continue its upward trajectory in the third quarter of the year. The recent decrease in selling pressure from miners could be a key factor in driving Bitcoin’s price growth in the coming weeks.
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