Bitcoin has once again seen recovery above $60,000. Against the backdrop of this rise in price comes a rising OTC desk activity among miners.
The leading cryptocurrency has managed to climb back above this physiological level, reaching a 24-hour high of $61,830 and currently trading at $60,798, marking a 2% increase over the past day.
The resurgence in Bitcoin’s price coincides with a significant development in one of its key metrics, which could haveAnalyst ‘Ego Hash’ reported that these balances, which represent the amount of Bitcoin that miners sell directly to buyers through OTC deals, have increased by more than 70% over the past three months.Specifically, OTC desk balances have risen from 215,000 BTC in June to 368,000 BTC in August, an increase of 153,000 BTC.
Despite the potential bearish implications of the rising OTC desk balances, several analysts and experts in the cryptocurrency space remain optimistic about Bitcoin’s prospects.Mags pointed to the inverse correlation between the dominance of Tether and Bitcoin , noting that a recent breakdown in USDT.D’s trendline support could lead to a bullish continuation pattern for Bitcoin.
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