Bitcoin Miner & HODLer Selling Pressure Drying Up, Data Shows
Summary
On-chain data indicates decreased selling pressure from Bitcoin miners and long-term holders (LTHs), potentially positive for the asset. LTHs, who rarely sell, have recently stopped selling, while miners' distribution has slowed down. The monthly balance change for miners has decreased, with the latest value being the lowest since the selloff began. Analysts suggest miners may soon become net accumulators due to the halving event. With selling pressure from these groups drying up, Bitcoin may regain bullish momentum. Bitcoin is currently trading around $66,600.
