Bitcoin is Facing Major Selling Pressure:
Can It Still Reach $100,000?
Bitcoin, the world's leading cryptocurrency, has been experiencing significant fluctuations lately.
Following major announcements from the United States, the value of Bitcoin has recorded dramatic changes.
This volatility also affects Bitcoin miners, who are struggling with increases in operational costs.
Bitcoin Miners' Sales Are Increasing!
Recent analysis from CryptoQuant reveals an increase in Bitcoin miner pool transfers. If miners continue this trend, Bitcoin could face further selling pressure, which could worsen the current downtrend. Leading cryptocurrency analyst Ali Martinez associates the market indecision with the Bitcoin halving event last April. Martinez states that miner sales increased as mining costs increased to $77,000 after the halving.
Decline in Mining Revenues
Mining revenues, which reached nearly $78,000 at Bitcoin's peak valuation, have now fallen by nearly 55%. This revenue decline and increased miner sales add complexity to Bitcoin's price dynamics. As of now, Bitcoin transaction fees have dropped from 117 Bitcoins to approximately 65 Bitcoins, adding to the economic pressures miners face.
Market analysts predict that Bitcoin could reach the $100,000 level by the end of June. However, sustained selling pressure from miners may hinder this potential price increase. For this optimistic scenario to materialize, demand from spot Bitcoin ETF issuers must remain strong. Currently, Bitcoin is trading at around $66,884, reflecting the complex interplay of market forces.
