Miners, who made the biggest BTC sales of the last year at the beginning of June, have significantly reduced these sales in recent days. As it is known, one of the biggest reasons for the decline in the Bitcoin price in recent weeks was miner sales.

After Halving, miners, whose rewards were halved, started to sell their BTC to cover their costs.

“Upward rally can continue”

In the short analysis shared by on-chain data platform CryptoQuant, “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.”

In the CryptoQuant chart below, it is seen that the sales, which peaked in May and early June, have started to decrease in recent days and have entered a major decline.