As a seasoned crypto investor with a keen interest in Bitcoin’s market dynamics, I find the recent on-chain insights regarding a potential miner capitulation end particularly intriguing. The substantial dip in miners’ OTC BTC selling, as revealed by CryptoQuant, suggests that selling pressure is dwindling and could pave the way for an uptrend in the near future.
In a surprising turn of events within the cryptocurrency sphere, recent data suggests that Bitcoin miners may be giving up, potentially signaling an end to the miner capitulation and paving the way for market recovery. Specifically, on-chain analysis from June 25 unveiled a significant decrease in miners’ over-the-counter (OTC) sales of Bitcoin, implying that market conditions might be improving.
After the Bitcoin halving in this year, the mining rewards decreased noticeably, leading many miners to respond by selling off their Bitcoin holdings. The primary reason for this was to meet the increased expenses of continuing their mining operations.
The price of Bitcoin underwent significant fluctuations following the halving event, as anticipated. Yet, promising signs from recent on-chain analysis may indicate potential shifts in the market.
Miners’ Selling Pressure Declines
Based on the data analyzed by CryptoQuant’s on-chain insights, miner sellings of Bitcoin have significantly decreased since May. Consequently, less selling pressure exists in the market, which has fueled positive feelings among investors.
As an analyst, I’ve observed that if the market manages to buy up the entire mining supply, there’s a strong potential for price growth in the coming quarters, according to CryptoQuant’s forecast. This bullish perspective is evident as we approach the third quarter of this year.
Additionally, it’s important to mention that Bitcoin’s price has been moving horizontally since May. However, as the selling pressure lessens, there is a strong possibility of an uptrend in Bitcoin’s price movement.
BTC Market Performance
As I analyze the current market situation, I observe that the Bitcoin price has experienced a 0.96% growth and is now trading at $61,357.47. This upward trend emerges amidst three successive days of significant Bitcoins inflows into Exchange Traded Funds (ETFs).
On the other hand, the Bitcoins futures open interest decreased by 1.56%, amounting to $31.56 billion, indicating some market volatility. In contrast, the derivatives trading volume surged by 9.32% to reach $42.48 billion.
The Relative Strength Index (RSI) for Bitcoin has been tracking around 35, reflecting the currency’s recent volatile trend with a predominantly bearish influence. However, if Bitcoin were to reach oversold levels, there is a possibility of a price recovery.
As a researcher studying the cryptocurrency market, I cannot help but be excited about the upcoming Bitcoin options expiry today. The market is buzzing with optimism, as many investors are hoping for an upswing in prices. However, it’s essential to acknowledge recent reports of significant Bitcoin sales by both the U.S. and German governments. These transactions add a layer of uncertainty to the price action that lies ahead.
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2024-06-28 12:49