The Pressure That Caused the Bitcoin Price to Fall is Relieving: The Rally May Continue!

Bitcoin (BTC) price has corrected due to the selling pressure in the market over the past few weeks.

According to a post on the blockchain analysis platform CryptoQuant, the selling pressure on Bitcoin has begun to ease.

There was pressure after halving

One of the groups that caused the Bitcoin price to drop in recent weeks were Bitcoin miners.



After the halving in April, the Bitcoin block reward was cut in half. As a result, the total amount of daily income miners received decreased by approximately half. This resulted in miners who were not working efficiently enough leaving the market, while those who remained updated their devices.

During this process, miners sold large amounts of Bitcoin through OTCs in order to cover their operating costs.

Miner sales slowing down

According to the CryptoQuant post, the Bitcoin market has been trying to absorb the coins that miners have introduced into the market for several weeks.



“Fortunately, the amount of Bitcoin leaving miners' wallets has been decreasing rapidly recently,” the analyst said and added:

“In other words, the selling pressure of miners is decreasing, and if all of the selling volume generated by them is absorbed, the necessary conditions may be created for the upward rally to continue.”

The analyst said that positive movements can be seen in the cryptocurrency market starting from the third quarter of 2024.