Miner Selling Pressure Eases
Data shows that Bitcoin miners have been selling less recently, due to:
- Reduced Bitcoin transfers to exchanges for sale
- Exhaustion of the OTC Desk supply available to miners
Impact on Bitcoin Price
Miners’ heavy selling in June contributed to Bitcoin’s price drop. However, the decline in selling pressure is a positive sign for Bitcoin’s price:
- Crypto analysts predict a continued bull run for Bitcoin
- Willy Woo previously predicted a price recovery once miners capitulate
Uptrend Confirmed
- Analyst Rekt Capital confirms Bitcoin’s uptrend
- Bitcoin is developing a bullish “macro bull flag”
- Analyst Michaël van de Poppe suggests Bitcoin’s downtrend is over
Price Targets
- Rekt Capital aims for Bitcoin to reach $71,500
- Van de Poppe believes Bitcoin has bottomed out at $60,000
Current Market Status
At the time of writing, Bitcoin is trading around $62,900, showing a slight decline in the past 24 hours.
