Bitcoin (BTC) Miner Selling Pressure Subsides, Signaling a Market Stabilization

Bitcoin's (BTC) recent bearish trend appears to have subsided, driven by a notable reduction in miner selling pressure.

Bitcoin (BTC) price has shown signs of stabilizing after a period of strong selling pressure from miners, which appears to have subsided according to data from CryptoQuant.

Over the past 24 hours, BTC has risen by 2.2%, trading near the $63,000 mark. The cryptocurrency’s market capitalization stands at $1.24 trillion, with daily trading volume surging 57% to $21 billion.

Bitcoin miner selling pressure drops significantly

Data from CryptoQuant reveals a significant decrease in BTC miner selling pressure, dropping from a peak of 14,000 BTC in May to below 1,000 as July begins. This decline indicates a stabilization in the market, with analysts noting:

“Miners’ selling pressure has decreased significantly, and their selling volume is being digested quickly.”

This decrease in miner selling aligns with the observed floor in Bitcoin’s price drop, which began in May. The stabilization in the market may be attributed to the absorption of selling pressure by the market.

Bitcoin supply held by miners declines

According to Santiment, the BTC supply held by miners has reduced from 1.83 million to 1.8 million over the past 30 days. This shift suggests that the retail accumulation phase for Q3 may soon commence.

The floor in Bitcoin’s price drop may also be linked to the accumulation of BTC by retail investors, as indicated by the observed decrease in miner supply.

Bitcoin whale transactions show consolidation

Market intelligence also shows a slight uptick in whale transactions, with those worth at least $100,000 increasing from 5,923 to 6,068 in the past 24 hours. This consolidation of whale movements hints at reduced price volatility for Bitcoin.

The Bitcoin Relative Strength Index (RSI) is currently at 44, indicating that BTC is neither overbought nor oversold. This neutral position suggests the potential for a gradual price increase in the near term.

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