Bitcoin Sales By Miners Fell

Despite massive crackdowns by the Chinese authorities lately, bitcoin miners do not want to part with their assets anytime soon. CryptoQuant CEO Ki Young Ju has shared the Miner Direct Selling Index data on Twitter, which shows the bitcoin flow from miners to exchanges is declining. The data shows that the direct sales index has dropped significantly since March 2021.

Last Saturday, the Chinese authorities asked miners from the Sichuan region to stop mining bitcoins. According to industry estimates, almost 90% of bitcoin mining operations have been halted due to the crackdowns in Sichuan.

Popular cryptanalyst PlanB, the author of the S2F model, noted that Elon Musk's energy FUD and China's tough measures led to a drop in the price of bitcoin. He expects Bitcoin to trade under pressure until the end of July. However, PlanB notes that given the worst-case scenario, bitcoin will still rise to $135,000 by the end of this year.

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