The data from on-chain shows the selling pressure of Bitcoin miners The pace of development has slowed recently. It is important to consider the potential impact on Bitcoin’s price As we enter the third quarter, it is important to be prepared.
Bitcoin Miners’ selling pressure has significantly declined
Referencing the data collected by On-chain Analysis Platform CryptoQuantCrypto Dan, a crypto analyst noted that there are two main reasons for the decline in selling pressure. First, the volume of Bitcoin mined by these miners has decreased significantly. sent to exchanges Since May, the number of sales has decreased dramatically.
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Second, the analyst said that all of the OTC Desk, which is used by miners to sell their coins, has been purchased. available Bitcoin supply These miners. According to reports, the volume at OTC Desk accumulated until June 29, as no one was willing to buy these crypto tokens.
Bitcoin miners greatly contributed The price crash that the crypto’s flagship suffered in June. The data from the market intelligence platform IntoTheBlock This showed that the miners had sold $2 billion worth of BTC in a month. It was a significant amount of pressure to sell Bitcoin that caused it at one point to fall below $60.000.
This decline is bullish for Bitcoin, and it could even continue. bull run The flagship crypto. Crypto Dan pointed out that this is a significant development. “sufficient conditions” Bitcoin is expected to keep on rising in the third quarter.
Willy Woo, a crypto analyst who has also previously predicted Bitcoin will recover its price once the miners give up. After that, Bitcoin’s price could be on a massive upward trend and move to the top this month.
BTC’s Uptrend Has Begun
Crypto analyst Rekt Capital In a recent X article (formerly Twitter), post Bitcoin has entered its uptrend. The macro-higher low was confirmed by him, and Bitcoin has now begun to rally. He said that Bitcoin is growing. macro bull flagThis is a positive outlook on the cryptocurrency token.
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Another X postThe analyst stated that Bitcoin’s aim after its successful start to the month of July is to continue to grow. “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 The following are some of the reasons why you should consider hiring someone else suggested He also mentioned that he believes Bitcoin has entered a new bullish trend as it makes major moves upwards. The entrepreneur also stated that Bitcoin’s downtrend is over and a bullish reversal was underway as the flagship crypto made significant moves to the upside. bottomed out The price has been able to find support around $60,000. This means that a drop below this level is unlikely.
According to the website, Bitcoin was trading for around $62,900 at the time this article was written, down from the previous 24 hours. data CoinMarketCap.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
