🚀Hey BTC enthusiasts!🚀 Analyst James Check has been crunching the numbers on Bitcoin miner sell-offs. His findings? Miners might be feeling the pinch, but it's not a total meltdown just yet.🔥

Check used the Puell multiple to gauge miner stress levels. His conclusion? Miners are "teetering on the edge" but not in full-blown panic mode. A "hash ribbon inversion" has been spotted, indicating a tough time for weaker miners. But the overall hash rate decline is only 4%, smaller than previous stress periods.📉

Check's take? "Miners are likely to be distributing some of their treasury, but it may not be a complete and total fire sale." He doesn't see this as a severe bear market capitulation.🐻

Analyst Willy Woo chimed in, predicting a BTC recovery when "weak miners die and hash rate recovers." He noted that this post-halving miner capitulation is taking longer than usual.🕰️

Meanwhile, BTC prices have been on a rollercoaster ride, hitting a five-week low of $63,550 on June 21, but bouncing back to over $64,000. Analyst "Don Alt" warns that if BTC breaks the $60k range low, it could tumble to the next support level at $52,000, pushing miners into capitulation.🎢

Stay tuned, BTC fans! The ride isn't over yet!🚀