Bitcoin News Today: Bitcoin Defies Market Stress With 1.36% Daily Gain Amid Reduced Miner Selling

Bitcoin has shown resilience in the face of ongoing market concerns, with the cryptocurrency rising amid signs of controlled liquidity stress and reduced miner selling pressure. Despite a recent transfer of 18,000 BTC—valued at over $2 billion—to Binance on July 25, which raised some red flags, Bitcoin’s price continued its upward trend, closing at $116,633, a 1.36% gain in the last 24 hours and 7.29% increase over the previous month [1].

The mining sector has also indicated a degree of stability. Mining difficulty increased by 7.4%, a positive sign according to market analyst Axel Adler Jr., who noted it as an indicator of market health. Adler added that the current conditions are not indicative of a market in capitulation, as the miner factor is not dragging prices down [1].

However, miner revenues have declined, reaching $34 million in recent data—a recent low—according to a CryptoQuant report from June 29. The hashrate has also dropped by 3.5% since mid-June, reflecting ongoing operational pressures. Despite this, the volume of Bitcoin transferred by miners to exchanges has significantly decreased, from 23,000 BTC a day in February to 6,000 BTC currently, suggesting a reduced selling propensity [1].

Liquidity concerns remain, particularly with Binance reportedly experiencing a $650 million USDC withdrawal. CryptoQuant analyst Amr Taha noted that as Bitcoin approached the $120,000 level, profit-taking emerged, though price reactions were muted. He attributed this to the tough mining environment and operational pressures, but emphasized that these actions did not significantly impact Bitcoin’s upward movement [1].

While Bitcoin is currently 5.1% below its July 14 peak near $123,000, the market remains stable and has avoided panic-driven actions. This controlled environment has allowed Bitcoin to continue defying expectations, showing a strong stance amid diverse stressors. Analysts remain cautiously optimistic about future performance.

[1] Source: [1] Bitcoin Rises While Market Concerns Persist.............................(https://coinmarketcap.com/community/articles/6895d3f7cb59d57bc2a17835/)