Recent on-chain data analysis has revealed a significant slowdown in the selling pressure exerted by Bitcoin miners. This observation holds immense importance as it directly impacts the trajectory of Bitcoin’s price in the upcoming third quarter of the year.
According to insights from the on-chain analytics platform CryptoQuant, the decrease in selling pressure from miners can be attributed to two primary reasons. Firstly, there has been a drastic reduction in the quantity of Bitcoin being sent to exchanges for sale by these miners since the month of May. Secondly, it has been noted that the volume of the OTC Desk utilized by miners for selling purposes has been exhausted. This indicates that a significant buyer recently purchased the entire available supply of Bitcoin from these miners, leading to a depletion in the selling pressure.
Bitcoin miners played a substantial role in the price fluctuations experienced by the leading cryptocurrency in June. Market intelligence data revealed that miners offloaded a substantial amount of Bitcoin, totaling 30,000 BTC ($2 billion) throughout the month. This influx of selling activity exerted considerable pressure on Bitcoin’s price, causing it to dip below the $60,000 mark at certain points.
The evident slowdown in selling pressure from miners presents a positive outlook for Bitcoin and has the potential to prolong the ongoing bull run for the flagship cryptocurrency. Several crypto analysts, including Crypto Dan and Willy Woo, have expressed optimism regarding Bitcoin’s future price action, attributing it to the diminished selling pressure from miners.
Experts like Rekt Capital and Michaël van de Poppe have provided technical analysis perspectives on Bitcoin’s current market dynamics. Rekt Capital highlighted the commencement of an uptrend for Bitcoin, signaling the confirmation of a macro higher low and the formation of a bullish macro bull flag. On the other hand, Michaël van de Poppe suggested that Bitcoin’s downtrend has halted, signaling a bullish reversal and indicating that the cryptocurrency has established support at the $60,000 level.
As of the latest data available, Bitcoin is trading around $62,900, displaying a slight decrease in value over the past 24 hours as per CoinMarketCap figures. The ongoing developments in the selling behavior of miners and the positive sentiment expressed by analysts suggest a potentially bullish trend for Bitcoin in the near future.
The recent slowdown in selling pressure from Bitcoin miners paints a favorable picture for the cryptocurrency market as it sets the stage for potential upward momentum in the coming months. The collaborative efforts of market participants and insightful analysis from experts contribute to a promising outlook for Bitcoin’s price trajectory, instilling confidence among investors and traders alike.
