Network 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 Decreased Significantly
Referencing data from the on-chain analytics platform CryptoQuantcrypto analyst Crypto Dan noted that the selling pressure from miners has significantly decreased for two reasons. One is that the amount of Bitcoin these miners sent for exchanges for sale has reduced dramatically since May.
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Secondly, the crypto analyst mentioned that the volume on the OTC desk that miners use to sell has been consumed, suggesting that someone recently bought all the Available Bitcoin Supply of these miners. The OTC Desk volume is said to have increased until June 29 as there were no buyers willing to purchase these crypto tokens.
![Bitcoin Miners Slow Sales in July, What This Could Mean for the Price 1 Bitcoin 1](https://thegurumedia.com/wp-content/uploads/2024/07/Bitcoin-1.png)
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Bitcoin Miners contributed a lot to the price drops that the leading cryptocurrency suffered in June. Data from IntoTheBlock market intelligence platform showed that these miners sold 30,000 BTC ($2 billion) over the course of the month. This put significant selling pressure on Bitcoin, which caused it to drop below $60,000 at one point.
As such, the decline in selling pressure presents a bullish development for Bitcoin and could continue the bull run for the leading crypto. Crypto Dan noted that this development has created “sufficient conditions” to continue Bitcoin’s upward recovery in this third quarter of the year.
Crypto analyst Willy Woo also had previously predicted that the price of Bitcoin would recover once miners capitulated. With that out of the way, Bitcoin could enjoy an uptrend this month and make massive moves upwards.
BTC uptrend has begun
Crypto Analyst Rekt Capital observed in a recent X (old Twitter) publish that Bitcoin’s bullish trend has begun. He stated that the higher macro low has been confirmed and Bitcoin is now moving higher. He added that the leading crypto is developing a macro bull flagproviding a bullish outlook for the crypto token.
![Bitcoin Miners Slow Sales in July, What This Could Mean for the Price 3 Bitcoin3](https://thegurumedia.com/wp-content/uploads/2024/07/Bitcoin-3.png)
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In another publishThe crypto analyst noted that Bitcoin’s goal after its strong start in July is to build a “base from which it will be able to bounce to the Range High area at $71,500 over time.”
![Bitcoin Miners Slow Sales in July, What This Could Mean for the Price 4 Bitcoin4](https://thegurumedia.com/wp-content/uploads/2024/07/Bitcoin-4.png)
Crypto Analyst Michaël van de Poppe also suggested that Bitcoin’s bearish trend is over and a bullish reversal is underway as the leading cryptocurrency makes significant moves upwards. He also mentioned that he believes Bitcoin has reached the bottom and found support at $60,000, meaning a decline below that price level any time soon was unlikely.
At the time of writing, Bitcoin was trading around $62,900, down over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com