According to a new report from IntoTheBlock, Bitcoin miners sold more than 30,000 BTC worth nearly $2 billion in June alone. This is the fastest rate in more than a year. The massive sell-off is blamed on the recent Bitcoin halving, which has reduced profit margins for miners. As a result, many have chosen to liquidate part of their reserves to stay operational and remain profitable.
The rapid liquidation of miners has put considerable downward pressure on the cryptocurrency market. The price of Bitcoin, which hit $71,907 earlier this month, has fallen about 12% to $63,378.89, its lowest level in six weeks.
The altcoin market experienced even more significant declines, with leading altcoins such as Solana, Cardano, Dogecoin, and Shiba Inu losing more than 20% in value.
Meanwhile, some analysts believe that the trend of miner capitulation may be coming to an end, meaning Bitcoin could see a more sedate upward trend in the near future.
Can we still see Bitcoin at 80,000 in this bull market?
BTC has reached the last chip support level in the entire wide range of fluctuations!
The battle to defend 63,000 has officially begun! It’s time for bulls to save themselves!
If the current price holds, it will rebound to 67700.
If you just lie down and admit defeat, then a larger downward space will be opened up, and 51,000, 48,000 and even 43,000 will become potential targets;
There is also good news. The long liquidity previously gathered at 63,000 has been fully liquidated, and the downward momentum is not as strong as before.
The bad news is that the funding rate is still neutral at such a panic time. There are only two explanations for this:
The bears have not added much to their positions and are now slapping their thighs, or the bears are on the train while the bulls are still holding on.
However, the descending wedge still exists, which may be the only hope for the bulls;
Although there are many complaints in the second half of the year, there are also many positive factors, such as the effect of the halving cycle, at least now there are still a lot of investors expecting it, and then this year will at least enter the stage of interest rate cuts, followed by the US election, if the Republicans come to power, it will be more or less good for the currency market, at least now in the US political field, the Republicans are more friendly. Finally, there is the FASB at the end of the year, and listed companies can use the fair price of BTC and ETH for financial reports, so I still maintain the view that there should be opportunities in the fourth quarter.
