miners are facing mounting selling pressure due to extreme hash rates, peak mining difficulty, and escalating energy costs that are diminishing their profitability, according to analyst Miles Deutscher. As Bitcoin’s halving event approaches, miners may choose to liquidate their Bitcoins to strengthen their capital reserves.
Supporting this trend is data from Glassnode, which shows a record amount of miner revenue being sent to exchanges, thereby intensifying the market’s selling pressure. Despite this pressure, Bitcoin’s price has managed a slight rise over the last 24 hours, reaching $26,401.61, with a significant increase in its 24-hour trading volume.
However, an analysis from TradingView indicates that strong sell pressure remains. Despite these challenges, the cryptocurrency’s market capitalization remains robust at over $514 billion.
Over the past week, Bitcoin’s value slipped by just over 2%, while it saw an increase of 1.46% over the past month. The coming weeks will be crucial in observing how these pressures will shape the trajectory of Bitcoin in the face of its looming halving event.
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