While bitcoin stabilized after the selloff earlier this month, there is little momentum for a sustainable recovery. 20k handle is still looking vulnerable. The massive selling by miners are not giving bitcoin much help.
According to a Reuters report, the number of coins miners are sending to crypto exchanges has been steadily climbing since June 7. MacroHive’s researchers noted that “miners have been increasingly liquidating their coins on exchanges.” Also, according to Arcane Research, several publicly listed bitcoin miners collectively sold more than 100% of their entire output in May.
At this point, outlook in bitcoin will remain bearish as long as 25083 support turned resistance holds. Current medium term down trend could target 13855 long term support (2019 high), before forming a realistic bottom.
