As an experienced financial analyst, I have closely monitored the recent selling pressure from Bitcoin miners following the halving event. The data suggests that this trend is not abating, and the amount of BTC being sold is alarming. This miner capitulation phase, which results from the halving effect reducing the block reward for miners, can be a prolonged and challenging period for the market.
Bitcoin miners have intensively disposed of their Bitcoins since the halving event took place. According to on-chain information, the mining sector’s selling pressure shows no signs of abating, which could mean that a substantial portion of Bitcoin may be sold off in the near future if this trend persists.
As a researcher studying the bitcoin mining landscape, I’ve observed that the halving event leads miners to face reduced rewards due to a decrease in new Bitcoins generated per block. Consequently, when mining becomes unprofitable, miners are compelled to sell their Bitcoin holdings to cover operational costs.
As a researcher studying the cryptocurrency market, I’ve noticed that this prolonged phase has put significant pressure on sellers to offload their assets. Multiple analytics platforms’ on-chain data back up my observation of this persistent trend. Additionally, Bitcoin hash ribbons, which serve as an indicator of miner surrender and recovery stages, continue to show signs of stress.
The hash ribbons graph indicates a prolonged period of miner distress that has yet to be resolved, clearly showing this extended phase. Persistent selling pressure from miners has prevented Bitcoin’s price from reaching previous highs by obstructing its recovery. One major cause of Bitcoin’s failure to surmount significant resistance levels is the continuous selling by miners.
Bitcoins struggles to hold its ground above the 50-day and 100-day moving averages, teetering precariously near the 200-day moving average. The Relative Strength Index (RSI) at 43.10 suggests that Bitcoin’s price is neither overbought nor oversold. However, persistent selling from miners continues to drive the market in a downward trend.
The funding rates on prominent cryptocurrency exchanges like Binance, OKX, and Bybit reflect varying degrees of long and short positions held by traders in Bitcoin. These rates serve as a barometer for trader sentiment and potential price trends. A balanced trading position is suggested by the relatively unbiased funding rate for Bitcoin.
As a crypto investor, I’ve noticed that miner sales continue to influence the market significantly. However, it’s essential to remember that the end of this capitulation stage could hinge on several variables. Miners might not feel compelled to offload their holdings if Bitcoin’s price rallies enough to make mining profitable once more.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- USD MYR PREDICTION
- Top gainers and losers
- RARE PREDICTION. RARE cryptocurrency
- ARKM PREDICTION. ARKM cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- Call of Duty: MW3 and Warzone Season 5 Reloaded Update Patch Notes Revealed
2024-06-23 14:17