Bitcoin Edges to $63,000 as Miner Selling Pressure Eases

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

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.

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.”

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.

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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