More Pain For BTC Incoming? Miners Haven’t Capitulated Yet

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There has been increased speculation over a Bitcoin miner capitulation as hash rate increases slow down, operational costs increase, and the asset price continues to fall.

“Miners are likely to be distributing some of their treasury, but it may not be a complete and total fire sale, meaning that they might be just treading water.”

Bitcoin fell to a five-week low of $63,550 on June 21 but had recovered to reclaim $64,000 during Asian trading on Saturday.

Analyst “Don Alt” said that markets were at a “do-or-die” level on the weekly timeframe before reiterating his stance: “I really don’t like the $60k range low for another test.”

If this level is broken, BTC could fall to the next support level, which is $52,000, he said.

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