Bitcoin Dips to $60K: Miners Reduce Exchange Inflows, Signaling a Bullish Turn?

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Bitcoin just fell sharply as October begins, a month that traders usually see as a bullish month with an average gain of 22%. The price has dropped nearly $5,000 and is now sitting at $60,798. Despite the current market downturn, there’s a silver lining for Bitcoin. Miners are reducing their inflow to exchanges, which could be a bullish sign for a market recovery.

According to CryptoQuant analyst Axel Adler Jr, miners are starting to cut back on their inflows to exchanges after a notable increase in sales following the Bitcoin halving. This reduction is significant, as it could reflect a change in sentiment among miners. 

Miners are gradually reducing their inflow to exchanges after an increase in sales following the halving.

A good signal. pic.twitter.com/bpXnbWwimJ