Bitcoin miners have significantly reduced their selling activity in July, which could have a positive impact on the price of Bitcoin moving forward. According to on-chain data, the selling pressure from miners has slowed down for various reasons. One reason is that the amount of Bitcoin being sent to exchanges for sale has decreased since May. Additionally, the volume of the Over-the-Counter (OTC) Desk that miners use to sell their Bitcoin has been exhausted, indicating that all available supply has been bought up.
This reduction in selling pressure is seen as a bullish sign for Bitcoin and could potentially extend the current bull run for the cryptocurrency. Analysts believe that these conditions create a favorable environment for Bitcoin’s price to continue rising in the third quarter of the year. Willy Woo, another crypto analyst, had previously predicted that Bitcoin’s price would recover once miners stopped selling off their holdings. With this change in behavior, Bitcoin could be poised for significant upward movement.
Recent analysis by various crypto experts suggests that Bitcoin has entered an uptrend, with indicators pointing to a positive price outlook. The confirmation of a macro higher low and the development of a macro bull flag are seen as encouraging signs for the cryptocurrency. Analysts are setting price targets for Bitcoin in the range of $71,500, indicating a potential for substantial growth in the near future.
Despite a slight dip in the price of Bitcoin in the last 24 hours, the overall trend appears to be bullish. Analysts like Michaël van de Poppe believe that the downtrend is over, and Bitcoin is now on a path towards a bullish reversal. The cryptocurrency is currently trading around $62,900, with strong support seen at the $60,000 level.
In conclusion, the recent decrease in selling pressure from Bitcoin miners has created a positive outlook for the price of Bitcoin. With various analysts predicting an uptrend and setting price targets above $70,000, the cryptocurrency market could be in for an exciting period of growth. As always, investors are advised to conduct their own research and consider the risks associated with cryptocurrency investments before making any decisions.
