As the crypto market navigates through the challenges of the past year, a glimmer of hope has emerged from the depths of the so-called "crypto winter." Recent on-chain data suggests that the Bitcoin miner capitulation, which has been a significant factor in the market's volatility, may have come to an end.

Miners' Selling Pressure Eases

According to CryptoQuant's on-chain insights, Bitcoin miners' selling pressure has declined notably since May this year. This decrease in selling activity by miners, who were previously offloading BTC to cover their operational costs, is a positive sign for the market's recovery.

As the market absorbs the reduced volume of miners' selling, the path for Bitcoin's upward momentum becomes clearer. CryptoQuant projects that this optimistic outlook could materialize in the third quarter of 2023, provided the market continues to adapt to the changing dynamics.

BTC Price Responds Positively

In response to the declining selling pressure, Bitcoin's price has seen a 0.96% increase, trading at $61,357.47 at the time of writing. This price surge coincides with three consecutive days of inflows into Bitcoin ETFs, further bolstering the market's confidence.

However, the derivatives market shows some volatility, with BTC Futures OI dipping 1.56% to $31.56 billion. Conversely, the derivatives volume spiked 9.32% to $42.48 billion, indicating increased trading activity.

Bitcoin's RSI, currently hovering around 35, reflects the recent turbulent action and downside pressure. Nevertheless, should the token enter an oversold territory, a potential price rebound could be on the horizon.

Upcoming Bitcoin Options Expiry

With Bitcoin options expiry scheduled for today, the market is brimming with optimism for an upside momentum ahead. However, it's crucial to note that the U.S. and German governments have recently offloaded substantial amounts of BTC, adding a layer of complexity to the future price action.

In conclusion, the easing of Bitcoin miners' selling pressure is a significant development that could pave the way for a market recovery. As the crypto winter thaws, investors and enthusiasts alike are cautiously optimistic about Bitcoin's future performance. However, it's essential to remain vigilant and consider the potential impact of external factors, such as government interventions, on the market's trajectory.