Bitcoin miners' selling pressure has dropped sharply! The annual growth rate of the US core PCE price index in May hit a new low, and BTC started a new round of rise in Q3.

The number and amount of withdrawals from miners' Bitcoin wallets have declined. The market is gradually digesting the selling pressure from miners, and Bitcoin is expected to start a new round of rising prices in Q3.

Amid a depressed market sentiment, June is coming to an end, and Bitcoin has fallen from $71,900 at the beginning of the month to $61,575 at present, with a correction of nearly 10%.

In this decline, miners' selling is considered to be one of the main reasons for the decline in the market, because after Bitcoin completed the latest round of halving on April 20, due to the halving of block rewards, the increase in miners' operating costs, and the decline of the Runes craze, mining companies had to sell Bitcoin to obtain operating funds or purchase new equipment to improve their own mining capabilities.

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However, analyst Crypto Dan posted yesterday (28) that as of June 27, compared with the first nine days after the Bitcoin halving, the number of withdrawals from miner wallets has dropped from a maximum of 53,000 to 8,000, a drop of nearly 90%. Therefore, it can be seen that the selling pressure caused by miners on the market is gradually weakening:

At the same time, Crypto Dan said that once all the selling volume is absorbed, Bitcoin will usher in a new round of rising prices:

After the US CPI data and retail sales data for May released earlier this month showed that inflation has cooled down, the Ministry of Commerce released another important indicator for measuring inflation, namely the May PCE (Personal Consumption Expenditures Price Index) data yesterday (28), showing that inflation has slowed down again. Specifically:

The overall PCE in May was unchanged from the previous month, with a monthly increase of 0.3% in April; compared with the same period last year, it increased by 2.6%, and the annual increase in April was 2.7%. In line with market expectations.

Excluding volatile food and energy prices, the core PCE increased by 0.1% in May, and the monthly increase in April was revised up from 0.2% to 0.3%. The annual increase in core PCE remained at 2.8% for three consecutive months

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