Bitcoin (BTC) has surged by 2.2% in the past 24 hours, nearing the $63,000 mark, fueled by a decline in miner selling pressure. This decrease in selling pressure, evident in data from CryptoQuant and Santiment, suggests that miners are holding onto their Bitcoin rather than selling it off. The decline in miner selling pressure has coincided with a decrease in the amount of Bitcoin held by miners. This suggests that miners are accumulating Bitcoin, potentially indicating a shift towards a bullish market sentiment. The recent rise in whale transactions, with more than $100,000 worth of Bitcoin being exchanged, further supports this notion. The Bitcoin Relative Strength Index (RSI) currently sits at 44, indicating that Bitcoin is neither overbought nor oversold, which could pave the way for gradual price increases. These factors collectively point towards a potential start of a retail accumulation phase for Q3, potentially leading to a bullish run in the Bitcoin market.
Bitcoin Rallies as Miner Selling Pressure Eases, Setting Stage for Q3 Bull Run?
Summary:
Bitcoin has surged by 2.2% in the past 24 hours, nearing the $63,000 mark, fueled by a decline in miner selling pressure.
Data from CryptoQuant and Santiment reveals a significant decrease in miner selling pressure, suggesting that miners are holding onto their Bitcoin.
The amount of Bitcoin held by miners has decreased, indicating that miners are accumulating Bitcoin, potentially signaling a bullish market sentiment.
The recent rise in whale transactions, with more than $100,000 worth of Bitcoin being exchanged, further supports the bullish market outlook.
The Bitcoin Relative Strength Index (RSI) is currently at 44, indicating that Bitcoin is neither overbought nor oversold, which could lead to gradual price increases.
These factors suggest a potential start of a retail accumulation phase for Q3, potentially leading to a bullish run in the Bitcoin market.
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