Bitcoin Battles for $60K as Miners Intensify Selling Pressure

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In the unpredictable world of cryptocurrencies, Bitcoin remains an elusive titan, currently embroiled in a battle to reclaim entrepreneurial optimism, teetering precariously above the pivotal $60,000 support. Merely three months past, history was made as Bitcoin soared to record heights. Yet, Wednesday saw this digital juggernaut falter, sinking as low as $59,500 as miners exerted increased selling pressure.

This unrelenting sell-off by miners that we’re witnessing today is the longest such streak since the summer of 2022, preceding the FTX calamity, marking a tangible echo of Bitcoin Halving’s notorious supply squeeze effect.

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Acclaimed crypto specialist, Ali Martinez, brought to light that over the last three days, Bitcoin miners have off-loaded in excess of 2,300 BTC, which translates into a hefty $145 million.

This mounting selling pressure imposed by miners is echoed by the United States and German governments’ recent BTC sales. This twin onslaught exerted downward pressure on the market, forcing prices to dip and dwell within the lower tier of the broader consolidation zone that ranges between $60,000 and $70,000, a scenario we’ve observed in the recent months.

It’s worthy to note that Bitcoin addresses tied to the German and American governments have ferried BTC worth $737 million to numerous exchanges, including premier platforms like Coinbase, Bitstamp, and Kraken.

As this clamor by both the government and miners for offloading subsides, market pundits predict a potential price recuperation for BTC. The belief holds resonance with the archetype traced during the post-Halving era, when we often witnessed Bitcoin catapulting to fresh all-time highs.

Turning to the price forecast for Bitcoin, market sage Scott Melker paints a picture of a market on the precipice of a vital signal. Melker hypothesizes that if the daily candle manages to seal the day below the $60,300 level, a bullish divergence may well be on the horizon.

In essence, this would entail the RSI (Relative Strength Index) extricating itself from oversold territory reminiscing last August when Bitcoin was valued at a comparatively measly $26,000. Melker stresses the necessity of a close under the specified figure, trailed by the RSI taking an upward trajectory without forging a new low. The RSI would necessitate a significant drop to slip beneath its standing on June 24th.

Crypto maestro Andrew Kang, meanwhile, underscores the importance of Bitcoin potentially forfeiting its four-month reign, drawing comparisons with the conditions in May 2021 in the aftermath of the stratospheric rally partaken by Bitcoin and altcoins. According to Kang, the market currently sees a staggering $50 billion in crypto, close to peak values – a phenomenon compounded by eighteen weeks of consolidation sans any major washouts, much like the 2020-2021 bull market.

Furthermore, Kang opines that the initial projections of Bitcoin settling in the lower $50,000s bracket may have been overly optimistic, proposing that a more severe slump to $40,000 might be on the cards. This backtrack, if it occurs, would send substantial ripples through the market, requiring several months of erratic or descending prices prior to finding a footing for an upward climb.

As we put pen to paper, Bitcoin has clawed its way back to the $60,350 mark after momentarily dipping beneath this linchpin support level. Despite seizing back some of its lost ground, Bitcoin has surrendered all its hard-earned gains accrued over lengthy durations, with a 12% drop in the monthly timeline currently on the books.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.