Bitcoin Edges to $63,000 as Miner Selling Pressure Eases

Bitcoin's (BTC) recent bearish trend appears to have subsided, driven by a notable reduction in miner selling pressure.



Over the past 24 hours, BTC has risen by 2.2%, trading near the $63,000 mark. The cryptocurrency’s market capitalization stands at $1.24 trillion, with daily trading volume surging 57% to $21 billion.



Data from CryptoQuant reveals a significant decrease in BTC miner selling pressure, dropping from a peak of 14,000 BTC in May to below 1,000 as July begins. This decline indicates a stabilization in the market, with analysts noting:



"Miners’ selling pressure has decreased significantly, and their selling volume is being digested quickly."



According to Santiment, the BTC supply held by miners has reduced from 1.83 million to 1.8 million over the past 30 days. This shift suggests that the retail accumulation pha


First found on: Coinatory news