Bitcoin hits 63000 amidst easing selling pressure from miners
Bitcoin’s (BTC) downward trend over the past month appears to have come to an end as the selling pressure from miners decreases.
BTC has seen a 2.2% increase in the last 24 hours and is currently trading just shy of the $63,000 mark. Its market cap stands at $1.24 trillion and its daily trading volume has surged by 57% to reach $21 billion.
Data from CryptoQuant indicates that the selling pressure from BTC miners has significantly diminished in the last month, dropping from a peak of 14,000 BTC in May to below 1,000 as July begins. According to the analyst, concerns about miner selling have also abated.
Santiment’s data shows that the amount of BTC supply held by miners has decreased from 1.83 million coins to 1.8 million tokens over the past 30 days, signaling a potential start to the retail accumulation phase for Q3.
Whale transactions, consisting of at least $100,000 worth of Bitcoin, have experienced a slight uptick in the past 24 hours, with the number of unique transactions rising from 5,923 to 6,068, according to the market intelligence platform. This consolidation of whale movements may lead to lower price volatility for the leading cryptocurrency.
Additionally, the Bitcoin Relative Strength Index (RSI), as per Santiment’s data, currently sits at 44, indicating that BTC is neither overbought nor oversold at this point, potentially paving the way for a gradual price increase.
