Despite recent price fluctuations, Bitcoin’s long-term outlook remains optimistic. While the cryptocurrency has failed to break above the $60,000 psychological barrier on the weekly chart, several key indicators suggest that a bullish breakout could be on the horizon.

1. Long-Term Holders Remain Resilient

• Defying the Downtrend: Even as Bitcoin’s price has dipped below its 200-day exponential moving average, long-term holders have continued to accumulate.
• Positive Realized Cap: The Bitcoin realized market capitalization has seen a significant increase, indicating that long-term holders are buying more than they are selling.

2. Miner Selling Pressure Eases

• Decreased Net Flow: Bitcoin miners have reduced their selling pressure, suggesting that they are becoming more bullish on the cryptocurrency’s future.
• Accumulation Trend: Miners’ reserves are starting to show signs of a shift towards accumulation, which could further support Bitcoin’s price.

3. Favorable Stablecoin Supply Ratio

• Increased Liquidity: The stablecoin supply ratio has decreased, indicating that there is more liquidity available for purchasing Bitcoin.
• Potential for Rally: The abundance of liquidity in the market could fuel a significant price increase for Bitcoin.

Technical Analysis: A Bullish Breakout Looms

• Descending Broadening Channel: Bitcoin is currently attempting to break above a descending broadening channel pattern, which is often seen as a bullish signal.
• Key Resistance Levels: The cryptocurrency faces resistance at $61,700, but a successful breakout above this level could lead to a significant price increase.

Conclusion: While Bitcoin’s price has experienced volatility in recent months, the underlying fundamentals remain strong. The resilience of long-term holders, the easing of miner selling pressure, and the favorable stablecoin supply ratio all point to a potential bullish breakout in September. If Bitcoin can successfully break above key resistance levels, it could be poised for a significant price appreciation.