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The price of Bitcoin (BTC) has risen by 170% in the last three months from $3,600 to $9,700. Despite this immense 3 month recovery, a series of fundamental factors point to the possibility of another uptrend in the near-term.

Three reasons Bitcoin is likely to see an upsurge are increasing exchange outflow, miner revenue finding support, and the rising number of so-called “hodlers” or investors that hold BTC for prolonged periods. A confluence of three compelling factors set Bitcoin up for a move up

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When the outflow of Bitcoin from exchanges increases, it suggests investors are preparing to hold BTC for the long term.

Typically, exchange users withdraw Bitcoin with the intent of sending the BTC to a personal wallet and this trend often indicates that users have less appetite to trade Bitcoin in the foreseeable future.

The decline in Bitcoin exchange outflow coincides with a recovery in miner revenue. As miners generate more BTC through mining in the aftermath of the latest hashrate difficulty adjustment, existing miners are becoming more profitable.

Exchange outflow keeps going up. Miner revenue is finding support. Miners are hodling more and more. So even if the chart doesn't look very exciting, I wonder where bears think the big sell pressure is gonna come from.

If the operational costs to mine Bitcoin declines, the need to sell more BTC in the short-term for major mining centers could also decrease. There is a possibility that the outflow of BTC is partially coming from miners.

Verifiable on-chain data shows that miners sold less Bitcoin than they mined in the past week. In the last seven days miners mined about 6,694 BTC and data shows they sold 6,384 BTC, netting a positive inventory of 310 BTC.