- Miners have continued selling their bitcoins as they dumped 10,000 bitcoins this week
- There could be a massive capitulation on the horizon due to the indications revealed by the Bitcoin fragmentation
bitcoin [BTC] Miners continued to sell huge units of the King coin as pressure increased to keep it alive. This development was featured by Joaowedson, CryptoQuant Analyst. he is He noted that high mining costs may have forced this situation. Joavidson, who works as a data scientist, has developed,
“Given the current price of bitcoin and the high cost of mining in many countries. Miners are forced to sell their sites.”
Read Bitcoins [BTC] predict the price 2023-2024
Get it in large amounts
CryptoQuant Data show up That the last bitcoins sold by miners was by no means trivial. At press time, bitcoin miners issued 10,000 bitcoins on December 1st. As for streaming, it wasn’t anywhere near as good. The last time there was a major miner influx was on November 26 when 2,569 bitcoins poured out.
This condition means that miners may remain unprofitable for longer than expected. In addition, the miner’s continued posting hinted at the possibility of another drop in the Bitcoin price or an increase in volatility. This was because the Miners’ Position Index (MPI) was correlated with the 1-year moving average (MA). Hence this could be the driver behind the actions of the miners compared to the diminishing supply.
As expected, the sales affected mining Revenues Although she was in a similar state for several months. According to Glassnode, the total earnings of BTC miners at the time of writing is 814.28 BTC. This means that the rewards and fees received since the beginning of 2022 have not been impressive.
On the hash scale, bitcoin capitulation looms
In addition to the decline in revenue, BTC tick bar implied it More fall It could be nearby. According to Glassnode, the hash ticker revealed that bitcoin is still very expensive compared to the cost of mining. Moreover, the metrics indicated that the worst is not over yet, as the 30-day moving average has not yet crossed the 60-day moving average.
If this occurs, the hash band changes from a bright red signal to a dark red color. Since the status at the time of publication was bright red, it means that BTC could see further declines and that the current price is most likely not bottoming out.
As for the price, BTC was trading at $16,971. Based on data by CoinMarketCap, This value represents a respite of 2.28% over the past seven days. However, the 30-day performance is down 16.43%. Looking at the data analyzed above, BTC may not be able to consistently trade above $17,000 in the short term.