$PEPE The price of Bitcoin is finding strong support around $58k to $59k. This support is crucial because after each halving event, miners face pressure to sell their Bitcoin. This happens because their rewards get cut in half, but their operating costs stay the same. To cover these costs, miners typically sell some of their accumulated Bitcoin over the next few months. However, they often hold onto some Bitcoin because they anticipate the price to rise after the halving.

Recently, there's been a surge in transactions involving tokens like Runes and BRC20, leading to more transactions on the Bitcoin network. This increase in transactions means more mining activity, which results in more Bitcoin for miners. As a result, the increased activity from these tokens helps offset some of the selling pressure from miners.

On the technical side, there are some signals suggesting a different story. The monthly MACD chart shows both lines spreading out, indicating a potential downturn in the next 2-4 months. Additionally, the StochRSI indicator has begun to fall, suggesting a short-term bearish outlook. Overall, while there are bullish factors like increased transactions, technical indicators suggest caution in the short term.