Bitcoin (BTC) price has continued to consolidate around $61k in the past four days, amid heightened fear of further crypto capitulation. The flagship coin has seen its daily Relative Strength Index (RSI) hover around the oversold level in the past week, thus signaling a possible BTC price rebound.
However, the heightened demand for the altcoin market fueled by the upcoming listing of spot Ether ETFs in the United States has weighed heavily on Bitcoin buyers. Moreover, VanEck filed for the first Solana ETF with the US SEC on Thursday, signaling more similar moves ahead.
Already, the Bitcoin dominance has been forming a macro reversal pattern, fueled by heightened crypto cash rotation to the altcoin industry.
Following the recent fourth Bitcoin halving event, miners have been busy updating their rigs to match up the escalated difficulty. As a result, Bitcoin miners have registered reduced activity compared to the pre-halving period.
Consequently, Bitcoin miners have been offloading their coins to the OTC markets to update their operations.
According to on-chain analysis provided by CryptoQuant, the overall Bitcoin miners’ selling pressure has dramatically reduced in the recent past. Historically, Bitcoin price has rebounded every time the miners have reduced their overall selling pressures.
“In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again. Positive movements in the cryptocurrency market can be expected in the third quarter of 2024,” CryptoQuant noted.
Bitcoin price is in a macro bull run that began early last year and is expected to continue in the coming few quarters. According to a popular crypto analyst alias Mags on X platform, Bitcoin price is en route to six figures in the near term, with a target of at least $200k.
However, Bitcoin price could drop towards $48k if the instrument consistently closes below $58k in the coming weeks.
Also Read: Veteran Crypto Trader Highlights Roadmap For The Beginning Of Altcoin Season
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