Bitcoin Unlikely to Breach $60,000; Bullish Momentum Gaining Attention

The Bitcoin market has entered a pre-storm phase, with miner sell-offs and long-term holder accumulation converging. Crypto news outlet NewsBTC reported that Binance Pool miner reserves decreased from 41,987 BTC to 41,915 BTC in May, signaling that miner selling pressure has not yet completely subsided.

The Miner Position Index (MPI) and Puell Multiple are currently recording low levels. Meanwhile, long-term holders' accumulation is driving a shortage in circulating supply. According to CryptoQuant data, over 70% of the total circulating Bitcoin supply is held by long-term holders who have held for at least one year, amounting to over 15.04 million BTC, or 71.6% of the circulating supply.

Chart analyst CryptoGeno noted that the metric for addresses holding Bitcoin for over a year is similar to observed periods just before past surges. Similar figures were previously spotted in late 2013, 2016, 2019, and 2022. Crypto analyst Psychodelic observed that Bitcoin's weekly Relative Strength Index (RSI) has successfully retested the 50-mark. This recovery of the weekly RSI 50 line occurred 105 days after entering oversold territory, and in three past instances, it led to substantial bull rallies. While the weekly RSI failed to recover the 50-mark during the 2022 FTX collapse, it has now established a foothold. Market experts analyze that the probability of Bitcoin falling below $60,000 is low.