Bitcoin faces more challenges! This time by Bitcoin miners
We published a few days ago about the challenges facing the price of Bitcoin, and among these challenges is the continuous selling pressure from Bitcoin miners who sell what they extract from Bitcoin to cover operating costs and achieve profits at current prices.
But currently, speculation is growing about the possibility of Bitcoin miners capitulating as hash rate growth slows, operating costs rise, and digital currency prices continue to decline.
James Cheek assessed and analyzed selling pressure from miners to determine the severity of the sell-off in a video published on June 21.
He explained that selling miners after a mining reward fork event is completely normal.
Czech analyzed the Puell multiplier, an indicator calculated by dividing the daily issuance value of Bitcoin by the 365-day moving average of the daily issuance value.
He pointed out that the miners may not be in a state of extreme stress.
He added that if the market falls further, miners may enter a state of capitulation, noting that they are now teetering on the edge.
Analyst Willie Wu commented that Bitcoin will recover when weak miners surrender and the hash rate recovers.
Bitcoin price fell below $62,000 for the first time
#sell $BTC
