Then, you can also find out more about the following: analysis CryptoQuant reported a notable change in Bitcoin mining behavior, which could be a sign of a new turning point. Crypto Dan, an analyst at CryptoQuant, has highlighted a decrease in the selling pressure of miners, which historically was a key factor that affected Bitcoin’s trajectory.
Bitcoin Mining Pressure to Sell Reduces
Crypto Dan. “Miners’ selling pressure decreases. One of the whales that have caused the cryptocurrency market to fall recently have been miners.” He said that the BTC halvingThe halving of mining rewards led to the reduction in overall mining. The change in mining rewards forced some miners to start selling Bitcoin. over-the-counter (OTC) transactions They must sustain their business.
According to the analysis, the market appears to be absorbing this sell-off. The volume of Bitcoins being moved out of wallets by miners has decreased significantly. “The current market can be seen as being in the process of digesting this sell-off, and fortunately, the quantity and number of Bitcoins miners are sending out of their wallets has been rapidly decreasing recently,” Crypto Dan has been stated.
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These changes have significant consequences. Crypto Dan said. “In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.” He expressed optimism about the market and predicted positive movement in the third-quarter of 2024.
The analysis is backed up by historical data provided by CryptoQuant. BTC showed an earlier pattern, where mining activity had a large impact on market prices. BTC prices were observed to move sideways in these periods in accordance with the peaks of miner sales. Notably, Bitcoin’s price began an upward trend when the selling activity decreased.
The recent decline in the sale of miner’s products could indicate the beginning of another major trend. bullish phase Bitcoin’s fortunes could be about to reverse, given the current market conditions.
Key Price Level For A Bullish Breakout
Continue reading insights from technical analysts at alpha dōjō provide a granular view of the market conditions. The daily Bitcoin update from alpha dojo highlights the market uncertainty, typified by Bitcoin “chopping around” Without clear direction. Analysts have identified price levels that could be indicators of future market movement. “If BTC reclaims the $63.5k area, it would be bullish; if it loses the $60k level, it would be bearish.”
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Technical analysis reveals that liquidity on the Bitcoin exchange is dispersed with only a few significant clusters. Most orders are concentrated around $63.5k, which suggests that the price level is crucial for determining market sentiment.
![Bitcoin heatmap](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/1719579301_20_Bitcoin-Miner-Selling-Cools-Off.jpg)
The order book data provided by alpha dōjō highlights a current dominance of sell orders, indicating a bearish sentiment among traders. The bid side, on the other hand, is weak with few buy orders to support upward movements. The market’s current imbalance could be a sign that it is cautious and waiting for more conclusive signals to commit more significant positions.
BTC was trading at $61,704 as of press time.
![Bitcoin price](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Bitcoin-Miner-Selling-Cools-Off.png)
Featured image created with DALL·E, chart from TradingView.com
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Source: www.newsbtc.com