Rally

Cryptocurrency

2024

Bitcoin

Stash

Cryptocurrency analysis company CryptoQuant evaluated the possibility of a Bitcoin rally in the third quarter of 2024 in a recent analysis. The company claims that concerns about selling pressure from Bitcoin miners have been resolved, paving the way for a potential market rally.
According to analysts, one of the important factors that caused the ripto money market to decline recently is the selling pressure of Bitcoin miners. Until recently, the market had not been able to fully absorb the sales volume from miners. However, CryptoQuant notes that this selling pressure has largely diminished for two main reasons:
Declining Sales Volume: The amount of Bitcoin sent by miners to exchanges for sale has decreased significantly since May. This decrease indicates a decrease in selling pressure exerted by miners.
OTC Desk Volume Has Depleted: The volume of Over-the-Counter (OTC) Desk used by miners for sales purposes has been piling up as they were unable to find buyers until recently. However, the entire OTC Desk volume was consumed on June 29, indicating that a buyer may have stepped in to purchase Bitcoin.
Related News: <a href="https://en.bitcoinsistemi.com/the-fate-of-the-huge-stash-of-bitcoin-and-cryptocurrency-seized-by-the-us-has-been-determined-coinbase-involved/" target="_blank" rel="noopener noreferrer nofollow">The Fate of the Huge Stash of Bitcoin and Cryptocurrency Seized by the US Has Been Determined: Coinbase Involved</a>
With the significant decrease in selling pressure from miners and the rapid digestion of selling volume, CryptoQuant believes that sufficient conditions have formed to resume the upward rally again in the third quarter of 2024.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/analytics-firm-says-miner-sell-off-is-over-talks-about-possibility-of-mega-bitcoin-rally-in-q3/" rel="noopener noreferrer nofollow">Analytics Firm Says “Miner Sell-Off Is Over,” Talks About Possibility of Mega Bitcoin Rally in Q3</a>

Analytics Firm Says “Miner Sell-Off Is Over,” Talks About Possibility of Mega Bitcoin Rally in Q3

Bitcoin Sistemi EN

Alte articole publicate pe 1 iul. 2024

Chainlink Rises More Than 5% In 24 hours

Bitcoin ATM Installations Hits 38K, Reach Near All-Time High

Discover What’s Powering BlockDAG’s Rise: $54.9M Presale Surmounts Uniswap & Stellar’s Efforts

IOTA Foundation Announces $2.9M in Grants for DeFi and NFT Projects

VeChain (VET) Surges 11% in a Week: Analysts Predict Further Gains

ENS Jumps 30% On The Anticipation Of ENSv2 Upgrade

Join our free newsletter for daily crypto updates!