On-chain data shows that selling pressure from bitcoin-miners-north-american/” rel=”nofollow”>bitcoin Miners has slowed down recently. This is significant considering the impact it could have on bitcoin-demand-behind-price-correction/” rel=”nofollow”>bitcoin Price Looking ahead to the third quarter of the year.
bitcoin miners' selling pressure has decreased significantly
Reference to data from the on-chain analysis platform bitcoin-bullish-september-2023-cryptoquant-head/” rel=”nofollow”>CryptoquantityCryptocurrency analyst crypto Dan noted that the selling pressure from miners has decreased significantly for two reasons. One is that the amount of bitcoin these miners are holding is bitcoin-exchange-supply-3-1-increase-what-this-mean/#:~:text=The%20%E2%80%9Csupply%20on%20exchanges%E2%80%9D%20refers,of%20coins%20to%20these%20platforms.” rel=”nofollow”>sent to exchanges Sales have dropped dramatically since May.
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Secondly, the cryptocurrency analyst mentioned that the OTC Desk volume that miners use to sell has been consumed, suggesting that someone recently bought all of the bitcoin-demand-miner-issuance-unprecedented-degree/” rel=”nofollow”>bitcoin supply available of these miners. OTC Desk volume is said to have accumulated until June 29th as there were no buyers willing to purchase these crypto tokens.
bitcoin Miners bitcoin-price-tragic-june/” rel=”nofollow”>He contributed greatly to the price drops suffered by the flagship cryptocurrency in June. Data from the bitcoin-time-bull-market-intotheblock-explains-why/” rel=”nofollow”>IntoTheBlock Market Intelligence Platform These miners were shown to have sold 30,000 btc ($2 billion) during the month. This put significant selling pressure on bitcoin, causing it to fall below $60,000 at one point.
As such, the decrease in selling pressure presents a bullish development for bitcoin and could continue. bitcoin-bull-market-glassnode/” rel=”nofollow”>confinement for the flagship cryptocurrency. crypto Dan noted that this development has created “sufficient conditions” for bitcoin’s bullish rally to continue in this third quarter of the year.
Cryptocurrency analyst Willy Woo had also bitcoin-price-will-recover-again/#:~:text=Willy%20Woo%20mentioned%20in%20an,high%20costs%20go%20into%20bankruptcy.” rel=”nofollow”>Previously predicted that the price of bitcoin would recover once miners capitulated. Once past that point, bitcoin could enjoy an uptrend this month and make massive moves higher.
btc bullish trend has begun
bitcoin-price-left-danger-zone/” rel=”nofollow”>Cryptocurrency analyst Rekt Capital noted in a recent x (formerly twitter) x.com/rektcapital/status/1807836014758523181″ rel=”nofollow”>mail that bitcoin's uptrend has begun. He stated that the higher macroeconomic low has been confirmed and that bitcoin is now rallying higher. He added that the flagship cryptocurrency is developing a macro bullish flagproviding a bullish outlook for the crypto token.
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In another x x.com/rektcapital/status/1807835757249454144″ rel=”nofollow”>mailThe cryptocurrency analyst commented that bitcoin's goal after its strong start in July is to build a “base from which it can jump into the upper range area at $71,500 over time.”
bitcoin-bottom-20-decline/” rel=”nofollow”>Cryptoanalyst Michael van de Poppe also x.com/CryptoMichNL/status/1807685573064167704″ rel=”nofollow”>He suggested that bitcoin's downtrend is over and a bullish reversal is underway as the flagship cryptocurrency makes significant moves higher. He also mentioned that he believes bitcoin has Hit bottom and has found support at $60,000, meaning a drop below that price level is unlikely in the near term.
At the time of writing, bitcoin is trading around $62,900, down over the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
