Bitcoin’s (BTC) month-long bearish trend appears to be reversing as miner selling pressure eases. Over the past 24 hours, BTC has increased by 2.2%, nearing the $63,000 mark. Its market cap now stands at $1.24 trillion, with a daily trading volume surging by 57% to reach $21 billion.
According to CryptoQuant, the pressure and concerns related to BTC miners selling their holdings have significantly reduced. In May, the selling peaked at 14,000 BTC, but it has now dropped below 1,000 as July begins.
Santiment data reveals that the BTC supply held by miners decreased from 1.83 million to 1.8 million coins over the last 30 days, indicating a potential start to retail accumulation in Q3. Additionally, whale transactions involving at least $100,000 worth of Bitcoin saw a slight uptick, increasing from 5,923 to 6,068 unique transactions in the past 24 hours. This consolidation among whales suggests a potential decrease in price volatility for Bitcoin.
The Bitcoin Relative Strength Index (RSI) is currently at 44, according to Santiment. This indicates that BTC is neither overbought nor oversold, suggesting the possibility of a gradual price increase.
For more insights, read: Top cryptocurrencies to watch this week: MOG, KAS, FET.