He added that the flagship crypto is developing a macro bull flag, providing a bullish outlook for the crypto token. Related Reading: Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price In another X post, the crypto analyst remarked that the goal for Bitcoin following its strong start to July is to build a "foundation from which it will be able to springboard to the Range High area at $71,500 over time.” Crypto analyst Michaël van de Poppe also suggested that Bitcoin’s downtrend is over and a bullish reversal was underway as the flagship crypto makes significant moves to the upside.
This is significant considering the impact it could have on Bitcoin’s price heading into the third quarter of the year. Bitcoin Miners’ Selling Pressure Has Significantly Declined Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons.
One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May. Related Reading: Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Here’s The Target Secondly, the crypto analyst mentioned that the volume of the OTC Desk that miners use for selling has been consumed, suggesting that someone recently bought up all the available Bitcoin supply from these miners.
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