Bitcoin prices may continue to be restricted in the near future
The consolidation of Bitcoin prices may last for two months, and the next bull run is expected to start in September 2024. Currently, Bitcoin is trading at $64,362, down 0.4%, with a market value of $1.268 trillion.
Due to the recent halving event of Bitcoin, miners are facing high cost pressure, and the hot weather has caused the Bitcoin computing power to continue to decline, and they need to sell Bitcoin to maintain operations. This selling pressure may continue, delaying the recovery of Bitcoin prices. As a result, miners' Bitcoin holdings have fallen to the lowest level in 14 years, and the total reserves have decreased by more than 5,000 Bitcoins since the beginning of the year.
In addition, the market is uneasy about reports that the German government plans to sell a large amount of Bitcoin. Earlier this week, the German government sold 3,000 Bitcoins, and there are still 47,000 Bitcoins that have not been sold.
Finally, it cannot be ignored that the continued selling in the ETF market, with spot Bitcoin ETFs registering more than $500 million in sales in the past week, shows that institutional investors have insufficient confidence in Bitcoin and are waiting for its trend to reverse.
