Bitcoin Price Surges to $63,000 Amid Decreased Miner Selling Pressure
Bitcoin’s recent bearish trend appears to have come to an end, with a decrease in miner selling pressure. Over the past 24 hours, Bitcoin (BTC) has seen a 2.2% increase in value, hovering near the $63,000 mark. The cryptocurrency’s market capitalization stands at $1.24 trillion, with a daily trading volume of $21 billion, up by 57%.
Data provided by CryptoQuant indicates a significant reduction in BTC miner selling pressure and associated concerns in recent weeks. From a peak of 14,000 BTC in May, the selling pressure has dropped below 1,000 BTC as July commences. Analysts note that miners’ selling volume has decreased notably, and the market is absorbing their sales efficiently.
According to Santiment, the quantity of BTC held by miners has decreased from 1.83 million coins to 1.8 million tokens in the last month. This shift suggests a potential onset of a retail accumulation phase for Bitcoin in the third quarter of the year. Additionally, data from Santiment reveals a slight uptick in whale transactions involving at least $100,000 worth of Bitcoin, rising from 5,923 to 6,068 unique transactions in the past 24 hours.
The consolidation of whale activities could lead to decreased price volatility for Bitcoin, the leading cryptocurrency. Currently, the Bitcoin Relative Strength Index (RSI) stands at 44, indicating that BTC is neither overbought nor oversold. This balance suggests the possibility of a gradual price increase in the near future.
In summary, the recent decline in miner selling pressure, coupled with a reduction in BTC supply held by miners and a rise in whale transactions, indicates a potential shift in market dynamics. These factors, along with the stable RSI, point towards a more stable and potentially bullish trend for Bitcoin in the coming days. Investors and traders are closely monitoring these developments as they anticipate potential market movements in the crypto space.
