Bitcoin (BTC) appears to be emerging from its one-month downtrend as miner sell-off pressures ease. In the last 24 hours, BTC has risen by 2.2% and is currently hovering around the $63,000 threshold. The cryptocurrency’s market capitalization holds steady at $1.24 trillion, while its daily trading volume has surged by 57%, hitting $21 billion.
**BTC Price Dynamics and Market Indicators – July 1 | Source: Santiment**
CryptoQuant’s latest data indicates a significant reduction in BTC miner sell-off activity, with a decrease from May’s high of 14,000 BTC to just under 1,000 BTC as we enter July. An analyst from the platform notes:
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Santiment’s figures also reveal a slight dip in the BTC reserves held by miners, moving from 1.83 million to 1.8 million coins over the last month. This trend suggests the onset of a retail accumulation phase for the third quarter.
Market intelligence data highlights a slight uptick in large Bitcoin transactions, with those valued at $100,000 or more climbing from 5,923 to 6,068 in the past day. This consolidation of whale activity typically signals a reduction in price volatility for the leading digital currency.
Furthermore, the Bitcoin Relative Strength Index (RSI) stands at 44, according to Santiment. This metric indicates that Bitcoin is currently neither overbought nor oversold, hinting at the possibility of a steady price increase in the near future.
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