On July 5, Bitcoin fell below $54,000, falling more than 6% in the last 24 hours due to increasing bear pressure. 😱 The market decline comes from Mt., an early cryptocurrency exchange that went bankrupt more than a decade ago. Gox began paying customers after a long bankruptcy process.

The recent decline has made many Bitcoin mining machines unprofitable. 😔 According to the latest data from F2pool, only six mining machines remain profitable when the price of Bitcoin falls below $56,000.

This suggests that miners have significantly contributed to the selling pressure on Bitcoin, dumping over $1 billion in crypto assets as the price fluctuates between $65,000 and $70,000.

So do you think the current unprofitable situation for miners indicates that there may be less selling pressure and this could be a local bottom? 🤔 We are waiting for your comments! 🚀