Bitcoin (BTC) is currently trading around the $62,300 range as miners reduce their selling pressure. Miners have played a significant role in the recent decline of the crypto market. Despite fluctuations, Bitcoin has shown a moderate upward trend, reaching approximately $62,293 from a 24-hour low of $61,097, following the release of US economic data.
As of now, Bitcoin is being traded at $61,684 with a market capitalization of $1.20 trillion. Moreover, the daily trading volume of BTC has increased by approximately 3.41% to $22.72 billion.
This positive turn in BTC is accompanied by a noteworthy development. Data from CryptoQuant suggests a decrease in selling pressure from miners, which could potentially lead to upward movements in BTC and the broader crypto market in the coming months. It is worth noting that miners have played a significant role in the recent downturn of the cryptocurrency market.
The question remains whether BTC bulls will gain momentum. In the past week, Bitcoin experienced a significant price decline, initially dropping to the $58,800 range before recovering and trading between $60,500 and $62,000. The daily relative strength index (RSI) of Bitcoin currently indicates an oversold condition at 35.48, supported by a sell signal from the exponential moving average (EMA).
Looking ahead, market sentiment depends on whether BTC bulls can push the price above $62,000. If Bitcoin maintains its position above the crucial resistance level of $62,500, it will encounter initial resistance around $62,580 and further barriers near $63,250. A rally to $63,250 would potentially trigger more gains, reaching as high as $66,953.
On the other hand, failure to sustain upward momentum may result in Bitcoin testing support levels starting at $60,750, with the possibility of further declines towards $60,099 and potentially down to $59,250.
