Chain data shows that selling pressure from Bitcoin miners has slowed down recently. This is significant considering the impact it could have on Bitcoin price entering the third quarter of the year.
Bitcoin miners’ selling pressure has dropped significantly
Referencing data from a chain analytics platform Cryptoquantumcrypto analyst Crypto Dan noted that the selling pressure from miners has decreased significantly for two reasons. One is the amount of Bitcoin that these miners sent to stock exchanges for sales has dropped drastically since May.
Secondly, the cryptocurrency analyst mentioned that the OTC Desk volume that miners utilize to sell has been exhausted, suggesting that someone recently bought out all of the available supply of Bitcoins from these miners. OTC Desk volume is said to have been building up until June 29th as there were no willing buyers of these crypto tokens.
Bitcoin miners contributed significantly to the price crash that the flagship cryptocurrency suffered in June. Data from IntoTheBlock Market Intelligence Platform showed that these miners sold 30,000 BTC ($2 billion) in a month. This put significant selling pressure on Bitcoin, causing it to drop below $60,000 at one point.
Therefore, the decline in selling pressure represents a bullish development for Bitcoin and may continue running of the bulls for the flagship cryptocurrency. Crypto Dan noted that this development created “ample conditions” for Bitcoin to continue to grow in this third quarter of the year.
Cryptocurrency analyst Willy Woo also had previously predicted that the price of Bitcoin will bounce back once miners capitulate. With that out of the way, Bitcoin could enjoy an uptrend this month and make huge moves up.
BTC’s uptrend has begun
Rekt Capital Cryptocurrency Analyst reported in recent X (formerly Twitter) fasting that Bitcoin’s uptrend has begun. He claimed that the macro higher low has been confirmed and Bitcoin is currently trending higher. He added that the flagship cryptocurrency is developing macro bull flagwhich provides bullish prospects for the cryptotoken.
In another X fastingThe cryptocurrency analyst noted that Bitcoin’s goal after its powerful start in July is to build “a foundation from which it can rise to the Range High area of $71,500 over time.”
Cryptocurrency analyst Michaël van de Poppe Also he suggested that Bitcoin’s downtrend has ended and there has been a bullish turn as the flagship cryptocurrency has made significant moves higher. He also mentioned that he believes Bitcoin has he hit rock bottom and found support at $60,000, which means that a price decline below this level in the near future is unlikely.
At the time of writing, Bitcoin is trading at around $62,900, down over the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
