Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price

On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is critical considering the impact it could have on Bitcoin’s price heading into the third quarter of the yr. 

Bitcoin Miners’ Selling Pressure Has Significantly Declined

Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for 2 reasons. One is that the amount of Bitcoin these miners sent to exchanges to sell has reduced drastically since May. 

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Secondly, the crypto analyst mentioned that the amount of the OTC Desk that miners use for selling has been consumed, suggesting that somebody recently bought up all of the available Bitcoin supply from these miners. The amount of the OTC Desk is alleged to have piled up until June twenty ninth, as there was no willing buyer to buy these crypto tokens. 

Source: X
Bitcoin 2Source: X

 

Bitcoin miners greatly contributed to the worth crashes the flagship crypto suffered in June. Data from the market intelligence platform IntoTheBlock showed that these miners sold 30,000 BTC ($2 billion) throughout the month. This put significant selling pressure on Bitcoin, which caused it to drop below $60,000 in some unspecified time in the future. 

As such, the decline in selling pressure presents a bullish development for Bitcoin and will proceed the bull run for the flagship crypto. Crypto Dan noted that this development has created “sufficient conditions” to proceed the upward rally for Bitcoin on this third quarter of the yr. 

Crypto analyst Willy Woo had also previously predicted that Bitcoin’s price would get well once miners capitulate. With that out of the best way, Bitcoin could enjoy an upward trend this month and make massive moves to the upside. 

BTC’s Uptrend Has Begun

Crypto analyst Rekt Capital noted in a recent X (formerly Twitter) post that Bitcoin’s uptrend has begun. He claimed that the macro higher low has been confirmed, and Bitcoin is now rallying to the upside. He added that the flagship crypto is developing a macro bull flag, providing a bullish outlook for the crypto token. 

BTC 3Source: X

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In one other X post, the crypto analyst remarked that the goal for Bitcoin following its strong begin to July is to construct a “foundation from which it’ll give you the option to springboard to the Range High area at $71,500 over time.”

Bitcoin 4Source: X

Crypto analyst Michaël van de Poppe also suggested that Bitcoin’s downtrend is over and a bullish reversal was underway because the flagship crypto makes significant moves to the upside. He also mentioned that he believes that Bitcoin has bottomed out and has found support at $60,000, meaning a decline below that price level anytime soon was unlikely. 

On the time of writing, Bitcoin is trading at around $62,900, down within the last 24 hours, based on data from CoinMarketCap.

Bitcoin price chart from Tradingview.comBTC fails to beat $63,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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