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Bitcoin (BTC) has recently struggled to regain bullish momentum, remaining in a consolidation phase just above the crucial $60,000 support. Despite reaching an all-time high three months ago, the largest cryptocurrency witnessed a dip to as low as $59,500 on Wednesday due to increased selling pressure from miners. 
<h2 id="btc-selling-spree">BTC Selling Spree</h2> 
The ongoing <a href="https://x.com/BlockwareIntel/status/1808486110684664213" target="_blank" rel="noopener nofollow">miner capitulation</a>, the longest observed since the summer of 2022 before the FTX implosion, indicates the Bitcoin Halving supply-squeeze effect.&nbsp; 
Crypto analyst Ali Martinez noted that Bitcoin miners <a href="https://x.com/ali_charts/status/1808025726198899046" target="_blank" rel="noopener nofollow">have sold </a>more than 2,300 BTC in the past 3 days, amounting to approximately $145 million. 
<img loading="lazy" decoding="async" class="size-large wp-image-627682" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=860&amp;resize=860%2C484" alt="Bitcoin" width="860" height="484" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=4000 4000w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=860&amp;resize=860%2C484 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRdlzozXoAA7yOC.jpeg?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
This selling pressure from miners adds to the recent<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-sales-us-german-govts-fud-bullish-experts/" target="_blank" rel="noopener "> BTC sales by the US and German governments</a>, contributing to the market’s downward pressure and keeping prices within the lower range of the wider consolidation zone between $60,000 and $70,000 witnessed in recent months.&nbsp; 
Notably, addresses linked to the German and US governments have sent $737 million worth of BTC to exchanges, including Coinbase, Bitstamp, and Kraken, in various transactions. 
As the <a href="https://www.newsbtc.com/analysis/dot/polkadot-treasury-faces-impending-funding-crisis-limited-to-24-months-before-exhaustion/" target="_blank" rel="noopener ">selling pressure </a>from governments and miners subsides over time, market observers expect a potential price recovery for BTC, following the typical pattern observed during the post-Halving period, where new all-time highs are often achieved. 
<h2 id="bitcoin-price-outlook">Bitcoin Price Outlook</h2> 
Market expert Scott Melker <a href="https://x.com/scottmelker/status/1808463124120424943" target="_blank" rel="noopener nofollow">points out</a> that the market may be nearing a crucial signal, stating that if a daily candle closes below the $60,300 level, it could lead to a bullish divergence.&nbsp; 
This would involve the daily RSI (Relative Strength Index) moving out of oversold territory, similar to last August when the price was around $26,000.&nbsp; 
Melker emphasizes the need for a close below the mentioned level, followed by a clear upward move in the RSI without making a <a href="https://www.newsbtc.com/bitcoin-news/buckle-up-here-is-why-bitcoin-might-just-be-gearing/" target="_blank" rel="noopener ">lower low</a>. It would require a significant downward move for the RSI to go lower than its level on June 24th. 
However, crypto analyst Andrew Kang highlights the significance of a potential loss of the four-month range on Bitcoin, drawing parallels with the range observed in May 2021 following a parabolic rally of BTC and altcoins.&nbsp; 
Kang <a href="https://x.com/Rewkang/status/1808545114622677300" target="_blank" rel="noopener nofollow">notes </a>that over $50 billion in crypto leverage is currently at near all-time highs, compounded by the fact that the market has been in a prolonged consolidation phase for 18 weeks without experiencing extreme washouts, as seen during the 2020-2021 bull market. 
Moreover, Kang suggests that initial estimates of the low $50,000s may have been too conservative, and a more significant reset to the $40,000s could be possible.&nbsp; 
Such a pullback would substantially impact the market and likely necessitate a few months of choppy or downward price action before a reversal and an upward trend could be established. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/K7Vf2FcZ/" alt="Bitcoin" width="1814" height="858"> 
At the time of writing, BTC has recovered the $60,350 level after its brief dip below this crucial support for further movements to the upside.&nbsp; 
The largest cryptocurrency in the market has erased all gains in wider time frames, and it is currently recording a 12% price decrease in the monthly time frame.&nbsp; 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Longest Miner Capitulation Since 2022 Signals Potential Bitcoin Rally Ahead

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