- Bitcoin miners have sent a record amount of BTC to exchanges.
- The token accounted for the highest weekly inflows among investment products.
NEW DELHI (CoinChapter.com) — Bitcoin miners seem to have started booking profits as the recent BTC rally allowed the token to touch price levels last seen in June 2022.
On-chain data analytics platform Glassnode reported a surge in the revenue that miners sent to exchanges. Miners sent $128 million worth of Bitcoin to exchanges, “equivalent to 315% of their daily revenue,” Glassnode observed.
Previous spikes in the metric came during the 2021 bull market, Glassnode observed. Due to capitulation inflows, bitcoin miner revenue sent to exchanges also spiked during the 2022 bear market. However, the blockchain analysis platform noted the recent spike was miles ahead of the previous ones.
Meanwhile, digital asset investment products also saw massive weekly inflows after nine consecutive weeks of outflows, according to a Coinshares report. BTC was the major beneficiary of the turn in market sentiment, accounting for more than 94% of the total inflows.
Bitcoin investment products saw over $187 million in inflows, dwarfing Ethereum (ETH) inflows of $7.8 million. Other altcoins had similarly diminished performance, with Solana (SOL) and XRP witnessing only $200,000 in inflows.
We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs with the US Securities & Exchange Commission
Coinshares stated in its report
The firm speculated that renewed interest in Bitcoin ETFs likely fueled the surge in Bitcoin inflows.
Moreover, short-bitcoin failed to attract investors, resulting in $4.9 in outflows. Overall, digital asset investment products saw $199.1 million in inflows.
BTC Price Consolidates, But Analysts Divided On Way Forward
Meanwhile, Bitcoin price continued to consolidate above $30,000, despite dropping nearly 2% on June 28 to reach a daily low near $30,152. However, crypto analyst Justin Bennett predicted that BTC price might pull back to $28,000.
Bennett based his observation on BTC’s April price action, noting that BTC price broke above $30,400 on the 8-hour chart but pulled back below the price level “within the next few candles.”
BTC held up a little better this time, but the 4-hour time frame has already broken below $30,400. We’ll see if the next few 8-hour candles can confirm this.
Justin Bennett said in his blog
If the analyst’s prediction comes true, the BTC price might drop to support near $29,200. Breaching the immediate support level could force Bitcoin price to test its 50-day EMA (purple wave) near $27,930 before recovering.
On the other hand, crypto financial services platform Matrixport stated that bulls might be getting ready for a seasonal surge. The firm noted that BTC price has historically rallied by an average of 11% in July.
Matrixport predicted that the BTC price might rally to $35,000 before retracing to $30,000 and then attempting a rally to $40,000 by 2023 end.
Therefore, a July uptrend might see BTC price rally to the resistance near $31,100. Moreover, breaking and consolidating above the immediate resistance might help Bitcoin price target the resistance near $32,500 before downside correction pares gains.
The RSI for Bitcoin remained neutral, with a value of 65.96 on the daily charts.
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