However, tracking the miner outflow showed a decrease, indicating that the volume being sent to exchanges from miner wallets has declined.
An analysis of BTC Miner OTC sales revealed that some major mining companies have been selling off their holdings. According to a chart on CryptoQuant, there was recently the largest OTC sale since late March, with around 1,200 BTC sold. These types of transactions do not immediately impact exchange volumes but still reduce the overall reserve.on a daily time frame chart showed a negative trend over the last seven days. AMBCrypto’s analysis of its price trend indicated that between the 6th and 7th of June, Bitcoin’s price dropped from the $70,000 range to around $68,000.
At this rate, Bitcoin was moving dangerously close to its short moving average , which has served as support at around the $65,000 price range.Analysis of its Relative Strength Index showed that it is now below the neutral line, with the RSI at around 47. This indicates that BTC is currently in a bear trend.