{"id":627434,"date":"2024-07-02T18:30:02","date_gmt":"2024-07-02T18:30:02","guid":{"rendered":"https:\/\/www.wncen.com\/?p=627434"},"modified":"2024-07-02T13:35:45","modified_gmt":"2024-07-02T13:35:45","slug":"bitcoin-miners-slow-down-selling","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-miners-slow-down-selling\/","title":{"rendered":"Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price"},"content":{"rendered":"

On-chain data shows that selling pressure from <\/span>Bitcoin miners<\/span><\/a> has recently slowed down. This is significant considering the impact it could have on <\/span>Bitcoin\u2019s price<\/span><\/a> heading into the third quarter of the year.\u00a0<\/span><\/p>\n

Bitcoin Miners\u2019 Selling Pressure Has Significantly Declined<\/h2>\n

Referencing data from the on-chain analytics platform <\/span>CryptoQuant<\/span><\/a>, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners <\/span>sent to exchanges<\/span><\/a> to sell has reduced drastically since May.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Here\u2019s The Target<\/a><\/div>\n

Secondly, the crypto analyst mentioned that the volume of the OTC Desk that miners use for selling has been consumed, suggesting that someone recently bought up all the <\/span>available Bitcoin supply<\/span><\/a> from these miners. The volume of the OTC Desk is said to have piled up until June 29th, as there was no willing buyer to purchase these crypto tokens.\u00a0<\/span><\/p>\n

\"BTC
Source: X<\/figcaption><\/figure>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

 <\/p>\n

Bitcoin miners <\/span>greatly contributed<\/span><\/a> to the price crashes the flagship crypto suffered in June. Data from the <\/span>market intelligence platform IntoTheBlock<\/span><\/a> showed that these miners sold 30,000 BTC ($2 billion) throughout the month. This put significant selling pressure on Bitcoin, which caused it to drop below $60,000 at some point.\u00a0<\/span><\/p>\n

As such, the decline in selling pressure presents a bullish development for Bitcoin and could continue the <\/span>bull run<\/span><\/a> for the flagship crypto. Crypto Dan noted that this development has created \u201csufficient conditions\u201d to continue the upward rally for Bitcoin in this third quarter of the year.\u00a0<\/span><\/p>\n

Crypto analyst Willy Woo had also <\/span>previously predicted<\/span><\/a> that Bitcoin\u2019s price would recover once miners capitulate. With that out of the way, Bitcoin could enjoy an upward trend this month and make massive moves to the upside.\u00a0<\/span><\/p>\n

BTC’s Uptrend Has Begun<\/h2>\n

Crypto analyst Rekt Capital<\/span><\/a> noted in a recent X (formerly Twitter) <\/span>post<\/span><\/a> that Bitcoin\u2019s uptrend has begun. He claimed that the macro higher low has been confirmed, and Bitcoin is now rallying to the upside. He added that the flagship crypto is developing a <\/span>macro bull flag<\/span><\/a>, providing a bullish outlook for the crypto token.\u00a0<\/span><\/p>\n

\"BTC
Source: X<\/figcaption><\/figure>\n
Related Reading: Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price<\/a><\/div>\n

In another X <\/span>post<\/span><\/a>, the crypto analyst remarked that the goal for Bitcoin following its strong start to July is to build a \u201cfoundation from which it will be able to springboard to the Range High area at $71,500 over time.\u201d<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Crypto analyst Micha\u00ebl van de Poppe<\/span><\/a> also <\/span>suggested<\/span><\/a> that Bitcoin\u2019s downtrend is over and a bullish reversal was underway as the flagship crypto makes significant moves to the upside. He also mentioned that he believes that Bitcoin has <\/span>bottomed out<\/span><\/a> and has found support at $60,000, meaning a decline below that price level anytime soon was unlikely.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $62,900, down in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n

\"Bitcoin
BTC fails to beat $63,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is significant considering the impact it could have on Bitcoin\u2019s price heading into the third quarter of the year.\u00a0 Bitcoin Miners\u2019 Selling Pressure Has Significantly Declined Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May.\u00a0 Related Reading: Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Here\u2019s The Target Secondly, the crypto analyst mentioned that the volume of the OTC Desk that miners use for selling has been consumed, suggesting that someone recently bought up all the available Bitcoin supply from these miners. The volume of the OTC Desk is said to have piled up until June 29th, as there was no willing buyer to purchase these crypto tokens.\u00a0   Bitcoin miners greatly contributed to the price crashes the flagship crypto suffered in June. Data from the market intelligence platform IntoTheBlock showed that these miners sold 30,000 BTC ($2 billion) throughout the month. This put significant selling pressure on Bitcoin, which caused it to drop below $60,000 at some point.\u00a0 As such, the decline in selling pressure presents a bullish development for Bitcoin and could continue the bull run for the flagship crypto. Crypto Dan noted that this development has created \u201csufficient conditions\u201d to continue the upward rally for Bitcoin in this third quarter of the year.\u00a0 Crypto analyst Willy Woo had also previously predicted that Bitcoin\u2019s price would recover once miners capitulate. With that out of the way, Bitcoin could enjoy an upward trend this month and make massive moves to the upside.\u00a0 BTC’s Uptrend Has Begun Crypto analyst Rekt Capital noted in a recent X (formerly Twitter) post that Bitcoin\u2019s uptrend has begun. He claimed that the macro higher low has been confirmed, and Bitcoin is now rallying to the upside. He added that the flagship crypto is developing a macro bull flag, providing a bullish outlook for the crypto token.\u00a0 Related Reading: Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price In another X post, the crypto analyst remarked that the goal for Bitcoin following its strong start to July is to build a \u201cfoundation from which it will be able to springboard to the Range High area at $71,500 over time.\u201d Crypto analyst Micha\u00ebl van de Poppe also suggested that Bitcoin\u2019s downtrend is over and a bullish reversal was underway as the flagship crypto makes significant moves to the upside. He also mentioned that he believes that Bitcoin has bottomed out and has found support at $60,000, meaning a decline below that price level anytime soon was unlikely.\u00a0 At the time of writing, Bitcoin is trading at around $62,900, down in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":627452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,639,656,679,1119,89185,1122,1144,78790],"class_list":["post-627434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Miners Slow Down Selling In July, What This Could Mean For Price<\/title>\n<meta name=\"description\" content=\"On-chain data shows that selling pressure from Bitcoin miners has recently slowed down, which could heavily impact the BTC price.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price","url":"http:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-miners-slow-down-selling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-miners-slow-down-selling\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-Large.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-Large.jpeg?fit=1280%2C731"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-07-02T18:30:02Z","datePublished":"2024-07-02T18:30:02Z","dateModified":"2024-07-02T18:30:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin\\\/bitcoin-miners-slow-down-selling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin\\\/bitcoin-miners-slow-down-selling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-Large.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-Large.jpeg?fit=1280%2C731\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-07-02T18:30:02Z\",\"datePublished\":\"2024-07-02T18:30:02Z\",\"dateModified\":\"2024-07-02T18:30:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-Large.jpeg?fit=1280%2C731","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/627434"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=627434"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/627434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/627452"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=627434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=627434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=627434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}