Bitcoin Reaches $63k As Miner Selling Pressure Declines
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Bitcoin’s (BTC) one-month bearish momentum seems to have ended as the miner selling pressure declines.
BTC is up by 2.2% in the past 24 hours and is trading on the verge of the $63,000 mark at the time of writing. The asset’s market cap is sitting at $1.24 trillion. Bitcoin’s daily trading volume increased by 57%, reaching $21 billion.
BTC price, supply held by miners, whale activity and RSI – July 1 | Source: Santiment
According to data provided by CryptoQuant, the BTC miner selling pressure and “concerns” have cooled down significantly over the past month — falling from a peak of 14,000 BTC in May to below the 1,000 mark as July starts. The analyst wrote:
“Miners’ selling pressure has decreased significantly, and their selling volume is being digested quickly.”
#Bitcoin Miners' selling concerns resolved, third quarter rally possible“Miners' selling pressure has decreased significantly and their selling volume is being digested quickly.” – By
