Bitcoin reaches $63k as miner selling pressure declines

02Jul

Bitcoin reaches $63k as miner selling pressure declines

By Bitcoin, Crypto , , 0 Comments

Bitcoin’s (BTC) one-month bearish momentum seems to have ended as the miner selling pressure declines.

BTC is up by 2.2% in the past 24 hours and is trading on the verge of the $63,000 mark at the time of writing. The asset’s market cap is sitting at $1.24 trillion. Bitcoin’s daily trading volume increased by 57%, reaching $21 billion.

Bitcoin reaches $63k as miner selling pressure declines - 1
BTC price, supply held by miners, whale activity and RSI – July 1 | Source: Santiment

According to data provided by CryptoQuant, the BTC miner selling pressure and “concerns” have cooled down significantly over the past month — falling from a peak of 14,000 BTC in May to below the 1,000 mark as July starts. The analyst wrote:

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

According to data from Santiment, the amount of BTC supply held by miners declined from 1.83 million coins to 1.8 million tokens over the past 30 days. This shows that the retail accumulation phase for Q3 might soon start.

Data from the market intelligence platform shows that the number of whale transactions consisting of at least $100,000 worth of Bitcoin recorded a minor increase over the past 24 hours — rising from 5,923 to 6,068 unique transactions.

As the whale movements consolidate, lower price volatility would be expected for the largest cryptocurrency.

Moreover, the Bitcoin Relative Strength Index (RSI) is currently sitting at 44, per data from Santiment. The indicator shows that BTC is neither overbought nor oversold at this point and a gradual price hike could potentially happen.

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
Post Views: 48

Share this post

Author

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

21Mar

CryptoQuant: US government holds 210k Bitcoins with $14.4b unrealized profit

The U.S. government’s holdings of 210,392 BTC worth $14.4 billion make the... read more

06Apr

Crypto Koryo: Startup investments surge by 38% in Q1

The volume of venture investments in the crypto industry reached $2 billion... read more

26Dec

In a tough venture environment for crypto, here are the most notable fundraises of 2023

From the end of 2021 into mid-2022, the money faucet for crypto... read more

27Dec

Trader earns $5.7m after investing 30 SOL

An anonymous trader turned a $2,220 investment of 30 Solana tokens (SOL)... read more

22Mar

Standard Chartered: Bitcoin to reach $150k by end of 2024

Standard Chartered Bank has revised its forecast for Bitcoin’s price, anticipating a... read more

24Apr

Janet Yellen’s ‘Buy Bitcoin’ note hits $140k in online auction

A “Buy Bitcoin” note, previously shown behind former Federal Reserve Chair Janet... read more

26Apr

Crypto liquidations cross $210m with longs accounting for 85%

The cryptocurrency market has witnessed over $210 million worth of liquidations across... read more

06Mar

Bitcoin surge 2024: factors driving record highs and future predictions

What’s causing the extreme greed in Bitcoin investors in 2024? Discover the... read more

20Apr

Bitcoin could reach $100k by year-end, Komodo CTO

In an exclusive interview with Kadan Stadelmann, CTO of non-custodial wallet and... read more

01Apr

Tornado Cash co-founder seeks dismissal of US crypto-laundering charges

“By no stretch can Mr. Storm be deemed to have conspired to... read more