Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price
July 02 2024 - 2:30PM
NEWSBTC
On-chain data shows that selling pressure from Bitcoin miners has
recently slowed down. This is significant considering the impact it
could have on Bitcoin’s price heading into the third quarter of the
year. Bitcoin Miners’ Selling Pressure Has Significantly
Declined Referencing data from the on-chain analytics platform
CryptoQuant, crypto analyst Crypto Dan noted that selling pressure
from miners has significantly declined for two reasons. One is that
the quantity of Bitcoin these miners sent to exchanges to sell has
reduced drastically since May. Related Reading: Dogecoin
Flashes Major Bullish Signal On 3-Day Chart, Here’s The Target
Secondly, the crypto analyst mentioned that the volume of the OTC
Desk that miners use for selling has been consumed, suggesting that
someone recently bought up all the available Bitcoin supply from
these miners. The volume of the OTC Desk is said to have piled up
until June 29th, as there was no willing buyer to purchase these
crypto tokens. Bitcoin miners greatly contributed to
the price crashes the flagship crypto suffered in June. Data from
the market intelligence platform IntoTheBlock showed that these
miners sold 30,000 BTC ($2 billion) throughout the month. This put
significant selling pressure on Bitcoin, which caused it to drop
below $60,000 at some point. As such, the decline in selling
pressure presents a bullish development for Bitcoin and could
continue the bull run for the flagship crypto. Crypto Dan noted
that this development has created “sufficient conditions” to
continue the upward rally for Bitcoin in this third quarter of the
year. Crypto analyst Willy Woo had also previously predicted
that Bitcoin’s price would recover once miners capitulate. With
that out of the way, Bitcoin could enjoy an upward trend this month
and make massive moves to the upside. BTC’s Uptrend Has Begun
Crypto analyst Rekt Capital noted in a recent X (formerly Twitter)
post that Bitcoin’s uptrend has begun. He claimed that the macro
higher low has been confirmed, and Bitcoin is now rallying to the
upside. He added that the flagship crypto is developing a macro
bull flag, providing a bullish outlook for the crypto token.
Related Reading: Bitcoin Investors Place $500 Million In Spot BTC
Bids Below Market Price In another X post, the crypto analyst
remarked that the goal for Bitcoin following its strong start to
July is to build a “foundation from which it will be able to
springboard to the Range High area at $71,500 over time.” Crypto
analyst Michaël van de Poppe also suggested that Bitcoin’s
downtrend is over and a bullish reversal was underway as the
flagship crypto makes significant moves to the upside. He also
mentioned that he believes that Bitcoin has bottomed out and has
found support at $60,000, meaning a decline below that price level
anytime soon was unlikely. At the time of writing, Bitcoin is
trading at around $62,900, down in the last 24 hours, according to
data from CoinMarketCap. Featured image created with Dall.E, chart
from Tradingview.com
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