Bitcoin (BTC) climbs around the $62,300 zone amidst reduced selling pressure from miners.
Miners have been significant contributors to recent crypto market declines.
While the global crypto market is showing some positive trends, attention has turned towards Bitcoin (BTC) as it navigates through mixed pressures. Following the release of US economic data, Bitcoin has shown a moderate upward trend despite fluctuations, climbing around $62,293 from a 24-hour low of $61,097.
At the time of writing, Bitcoin traded at $61,684 with a market cap of $1.20 trillion. Additionally, the daily trading volume of BTC soared by around 3.41% to $22.72 billion.
The positive turn in BTC comes with one more key development. The data from CryptoQuant suggests reduced selling pressure from miners, which could pave the way for potential upward movements in BTC and the broader crypto market in the coming months. Also, they noted that miners have played a major role in the recent downturn of the cryptocurrency market.
Will BTC Bulls Gain Momentum?
Over the past week, Bitcoin has showcased a significant price decline, initially dipping to the $58,800 zone before staging a recovery and trading between $60,500 and $62,000. Also, Bitcoin’s daily relative strength index (RSI) signals an oversold condition at 35.48, complemented by a sell signal from the exponential moving average (EMA).
Looking ahead, market sentiment hinges on whether BTC bulls can lead a push above 62,000. If the BTC maintains its foot above the crucial resistance of $62,500, it will encounter initial resistance around $62,580 and further barriers near $63,250. The rally to $63,250 would trigger more gains straight to $66,953.
Conversely, failure to sustain upward momentum may see Bitcoin testing support levels starting at $60,750, with potential further declines towards $60,099 and potentially down to $59,250.