{"id":626890,"date":"2024-06-28T12:30:47","date_gmt":"2024-06-28T12:30:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=626890"},"modified":"2024-06-28T12:08:10","modified_gmt":"2024-06-28T12:08:10","slug":"bitcoin-miner-selling-cools-off-breakout-moment","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-miner-selling-cools-off-breakout-moment\/","title":{"rendered":"Bitcoin Miner Selling Cools Off – Is This The Breakout Moment?"},"content":{"rendered":"

In an analysis<\/a> provided by CryptoQuant, a significant change in Bitcoin miner behavior has been noted, potentially indicating a turning point. CryptoQuant analyst, known as Crypto Dan, outlined a reduction in miners’ selling pressure, which has historically been a pivotal factor affecting Bitcoin’s price trajectory.<\/p>\n

Bitcoin Mining Selling Pressure Decreases<\/h2>\n

According to Crypto Dan, “Miners’ selling pressure decreases. One of the whales that have caused the cryptocurrency market to fall recently have been miners.” He explained that the BTC halving<\/a>, which halved mining rewards, led to a decrease in the use of older, less efficient mining rigs, subsequently reducing overall mining activity. This change forced miners to sell Bitcoin in over-the-counter (OTC) transactions<\/a> to sustain their operations.<\/p>\n

The analysis suggests that the market is currently absorbing the sell-off, with a notable decline in the volume and frequency of Bitcoin being transferred out of miners’ wallets. “The current market can be seen as being in the process of digesting this sell-off, and fortunately, the quantity and number of Bitcoins miners are sending out of their wallets has been rapidly decreasing recently,” Crypto Dan stated.<\/p>\n

Related Reading: BlackRock Global Allocation Fund Reveals Major Bitcoin ETF Stake With 43,000 Shares<\/a><\/div>\n

The implications of this shift are significant. Crypto Dan added, “In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.” He projected optimism for the market, predicting positive movements in the third quarter of 2024.<\/p>\n

Historical data from CryptoQuant corroborates the analysis. BTC has previously shown a similar pattern where miner selling activity exerted a strong influence on market prices, particularly noted from May to September 2023 and from December 2023 to January 2024. During these periods, prolonged sideways movement in BTC prices was observed, aligning with peaks in miner selling. Notably, when these selling activities diminished, Bitcoin prices resumed an upward trend.<\/p>\n

\"Bitcoin
Bitcoin miner withdrawing transactions | Source: CryptoQuant<\/figcaption><\/figure>\n

This pattern suggests that the recent decrease in miner selling could be the precursor to another significant bullish phase<\/a> for Bitcoin, as market conditions appear ripe for a similar reversal of fortunes.<\/p>\n

Key Price Level For A Bullish Breakout<\/h2>\n

Further insights<\/a> from technical analysts at alpha d\u014dj\u014d provide a granular view of the market conditions. Their daily update on Bitcoin through X underscores the current market indecision, characterized by Bitcoin “chopping around” without clear directional movement. However, the analysts have identified critical price levels which could indicate future market movements: “If BTC reclaims the $63.5k area, it would be bullish; if it loses the $60k level, it would be bearish.”<\/p>\n

Related Reading: Fears Of Bitcoin Sales By US And German Govts Are FUD, Even Bullish: Experts<\/a><\/div>\n

The technical analysis also reveals that the liquidity in the Bitcoin market is currently dispersed, with few substantial clusters of orders. The most notable concentration of orders is around the $63.5k level, suggesting that this price point is pivotal for market sentiment and potential bullish momentum.<\/p>\n

\"Bitcoin
BTC heatmap | Source: X @alphadojo_net<\/figcaption><\/figure>\n

The order book data provided by alpha d\u014dj\u014d highlights a current dominance of sell orders, indicating a bearish sentiment among traders. Conversely, the bid side is described as weak, with fewer buy orders supporting upward price movements. This imbalance suggests that the market is currently cautious, potentially awaiting more definitive signals before committing to more substantial positions.<\/p>\n

At press time, BTC traded at $61,704.<\/p>\n

\"Bitcoin
BTC trades above $61,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In an analysis provided by CryptoQuant, a significant change in Bitcoin miner behavior has been noted, potentially indicating a turning point. CryptoQuant analyst, known as Crypto Dan, outlined a reduction in miners’ selling pressure, which has historically been a pivotal factor affecting Bitcoin’s price trajectory. Bitcoin Mining Selling Pressure Decreases According to Crypto Dan, “Miners’ selling pressure decreases. One of the whales that have caused the cryptocurrency market to fall recently have been miners.” He explained that the BTC halving, which halved mining rewards, led to a decrease in the use of older, less efficient mining rigs, subsequently reducing overall mining activity. This change forced miners to sell Bitcoin in over-the-counter (OTC) transactions to sustain their operations. The analysis suggests that the market is currently absorbing the sell-off, with a notable decline in the volume and frequency of Bitcoin being transferred out of miners’ wallets. “The current market can be seen as being in the process of digesting this sell-off, and fortunately, the quantity and number of Bitcoins miners are sending out of their wallets has been rapidly decreasing recently,” Crypto Dan stated. Related Reading: BlackRock Global Allocation Fund Reveals Major Bitcoin ETF Stake With 43,000 Shares The implications of this shift are significant. Crypto Dan added, “In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.” He projected optimism for the market, predicting positive movements in the third quarter of 2024. Historical data from CryptoQuant corroborates the analysis. BTC has previously shown a similar pattern where miner selling activity exerted a strong influence on market prices, particularly noted from May to September 2023 and from December 2023 to January 2024. During these periods, prolonged sideways movement in BTC prices was observed, aligning with peaks in miner selling. Notably, when these selling activities diminished, Bitcoin prices resumed an upward trend. This pattern suggests that the recent decrease in miner selling could be the precursor to another significant bullish phase for Bitcoin, as market conditions appear ripe for a similar reversal of fortunes. Key Price Level For A Bullish Breakout Further insights from technical analysts at alpha d\u014dj\u014d provide a granular view of the market conditions. Their daily update on Bitcoin through X underscores the current market indecision, characterized by Bitcoin “chopping around” without clear directional movement. However, the analysts have identified critical price levels which could indicate future market movements: “If BTC reclaims the $63.5k area, it would be bullish; if it loses the $60k level, it would be bearish.” Related Reading: Fears Of Bitcoin Sales By US And German Govts Are FUD, Even Bullish: Experts The technical analysis also reveals that the liquidity in the Bitcoin market is currently dispersed, with few substantial clusters of orders. The most notable concentration of orders is around the $63.5k level, suggesting that this price point is pivotal for market sentiment and potential bullish momentum. The order book data provided by alpha d\u014dj\u014d highlights a current dominance of sell orders, indicating a bearish sentiment among traders. Conversely, the bid side is described as weak, with fewer buy orders supporting upward price movements. This imbalance suggests that the market is currently cautious, potentially awaiting more definitive signals before committing to more substantial positions. At press time, BTC traded at $61,704. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":626892,"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":[428,87448,640,656,679,680,1119,1122],"class_list":["post-626890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-miner-selling-pressure","tag-bitcoin-mining","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc","tag-btc-price"],"acf":[],"yoast_head":"\nBitcoin Miner Selling Cools Off - Is This The Breakout Moment?<\/title>\n<meta name=\"description\" content=\"In an analysis by CryptoQuant, a significant change in Bitcoin miner behavior has been noted, potentially indicating a turning point.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-miner-selling-cools-off-breakout-moment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Miner Selling Cools Off - 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miner Selling Cools Off – Is This The Breakout Moment?","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-miner-selling-cools-off-breakout-moment\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-miner-selling-cools-off-breakout-moment\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-28-13.00.26-A-realistic-detailed-image-of-a-shiny-golden-Bitcoin-coin-in-sharp-focus-in-the-foreground.-Behind-it-a-blurred-abstract-financial-chart-is-displaye.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-28-13.00.26-A-realistic-detailed-image-of-a-shiny-golden-Bitcoin-coin-in-sharp-focus-in-the-foreground.-Behind-it-a-blurred-abstract-financial-chart-is-displaye.png?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miner selling pressure","bitcoin mining","bitcoin news","bitcoin price","bitcoin price analysis","btc","btc price"],"dateCreated":"2024-06-28T12:30:47Z","datePublished":"2024-06-28T12:30:47Z","dateModified":"2024-06-28T12:30:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miner Selling Cools Off – Is This The Breakout Moment?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-miner-selling-cools-off-breakout-moment\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-miner-selling-cools-off-breakout-moment\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-28-13.00.26-A-realistic-detailed-image-of-a-shiny-golden-Bitcoin-coin-in-sharp-focus-in-the-foreground.-Behind-it-a-blurred-abstract-financial-chart-is-displaye.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-28-13.00.26-A-realistic-detailed-image-of-a-shiny-golden-Bitcoin-coin-in-sharp-focus-in-the-foreground.-Behind-it-a-blurred-abstract-financial-chart-is-displaye.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miner selling pressure\",\"bitcoin mining\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price analysis\",\"btc\",\"btc price\"],\"dateCreated\":\"2024-06-28T12:30:47Z\",\"datePublished\":\"2024-06-28T12:30:47Z\",\"dateModified\":\"2024-06-28T12:30:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-28-13.00.26-A-realistic-detailed-image-of-a-shiny-golden-Bitcoin-coin-in-sharp-focus-in-the-foreground.-Behind-it-a-blurred-abstract-financial-chart-is-displaye.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/626890"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=626890"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/626890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/626892"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=626890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=626890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=626890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}