Bitcoin Miners Cool Down Selling, Boosting Price Prospects

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 MichaĆ«l 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.