Bitcoin’s (BTC) one-month bearish momentum appears to have ended as miner selling pressure declines. Currently, BTC is up by 2.2% in the past 24 hours and is trading near the $63,000 mark. The asset’s market cap stands at $1.24 trillion, with a daily trading volume increase of 57%, reaching $21 billion.

According to data from CryptoQuant, the BTC miner selling pressure has significantly reduced over the past month, falling from a peak of 14,000 BTC in May to below 1,000 as July begins. An analyst noted:

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

Data from Santiment reveals that the amount of BTC supply held by miners declined from 1.83 million coins to 1.8 million tokens over the past 30 days. This indicates that the retail accumulation phase for Q3 might soon begin.

The market intelligence platform also shows a minor increase in whale transactions, with at least $100,000 worth of Bitcoin rising from 5,923 to 6,068 unique transactions over the past 24 hours. As whale movements consolidate, lower price volatility can be expected for the largest cryptocurrency.

Moreover, the Bitcoin Relative Strength Index (RSI) is currently at 44, according to Santiment. This suggests that BTC is neither overbought nor oversold, indicating a potential gradual price increase.

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