🚀🚀 Bitcoin (BTC) enthusiasts, buckle up! Despite a rocky few weeks, BTC might be gearing up for a comeback. 📈

The reason? Selling pressure from Bitcoin miners is on the decline. According to a recent Bitfinex Alpha report, the volume of BTC transferred from miners' wallets has significantly dropped, hinting at potential stabilization. This could spell good news for Bitcoin's price, and we might see the cryptocurrency resume its upward trend soon. 🎉

Since the Bitcoin halving in April, miners have been offloading their Bitcoin holdings to keep their operations running. But now, the frequency and volume of bitcoins moving out of miners' wallets have decreased. Once the market fully absorbs the selling volume, the chances of an upward rally increase. So, this reduction in miner selling pressure is a positive development. 🙌

However, don't pop the champagne just yet. 🍾 Other supply overhangs from large-scale selling by long-term holders continue to influence the market. The German government has been selling off BTC, and coins from the defunct crypto exchange Mt Gox have been moving. This, along with renewed profit-taking by other long-term Bitcoin holders, means that the near-term outlook is still vulnerable and BTC could experience more volatility. 🎢

So, keep your eyes peeled, BTC lovers! The ride might get bumpy, but the destination could be worth it. 🚀🌕