Bitcoin (BTC) has been making headlines lately as it navigates through mixed pressures in the global crypto market. Despite recent fluctuations, BTC has shown a moderate upward trend, climbing around $62,293 from a 24-hour low of $61,097 following the release of US economic data. At the time of writing, BTC traded at $61,684 with a market cap of $1.20 trillion, and the daily trading volume of BTC soared by around 3.41% to $22.72 billion.
One key development that has contributed to the positive turn in BTC is reduced selling pressure from miners, according to data from CryptoQuant. This could pave the way for potential upward movements in BTC and the broader crypto market in the coming months. However, miners have also played a major role in the recent downturn of the cryptocurrency market.
Over the past week, BTC has showcased a significant price decline, initially dipping to the $58,800 zone before staging a recovery and trading between $60,500 and $62,000. Market sentiment now hinges on whether BTC bulls can lead a push above $62,000. If BTC maintains its foot above the crucial resistance of $62,500, it will encounter initial resistance around $62,580 and further barriers near $63,250. Conversely, failure to sustain upward momentum may see BTC testing support levels starting at $60,750, with potential further declines towards $60,099 and potentially down to $59,250.