Key Points
- Bitcoin’s (BTC) bearish momentum has halted as miner selling pressure decreases.
- The retail accumulation phase for Q3 might soon start as the amount of BTC supply held by miners is declining.
Bitcoin’s (BTC) bearish trend over the past month seems to have ceased as the selling pressure from miners has subsided.
BTC has risen by 2.2% in the last 24 hours and is currently hovering near the $63,000 mark.
The market cap of this digital asset is approximately $1.24 trillion, with its daily trading volume experiencing a 57% increase, amounting to $21 billion.
Miner Selling Pressure and Market Movements
Data from CryptoQuant indicates a significant drop in BTC miner selling pressure and concerns over the past month.
The selling pressure from miners has seen a steep fall from a high of 14,000 BTC in May to below 1,000 as we enter July.
The reduction in selling volume from miners is being rapidly absorbed, as per the analyst’s statement.
Supply Decline and Whale Movements
Information from Santiment reveals a decline in the amount of BTC supply held by miners, from 1.83 million coins to 1.8 million tokens in the past 30 days.
This suggests that the retail accumulation phase for Q3 could begin shortly.
The market intelligence platform’s data shows a slight increase in the number of whale transactions consisting of at least $100,000 worth of Bitcoin in the past 24 hours, from 5,923 to 6,068 unique transactions.
With the consolidation of whale movements, a decrease in price volatility can be expected for the largest cryptocurrency.
Furthermore, according to data from Santiment, the Bitcoin Relative Strength Index (RSI) currently stands at 44.
This indicates that BTC is neither overbought nor oversold at this time, and a gradual price increase could potentially occur.
