Miners have no choice but to sell more bitcoins during the current recession, recently adding sales pressure from despair that the government will not buy new bitcoins for the reserve, plus macroeconomic uncertainty due to tariff.
As Cryptoctive Analyst IT TechThe price of bitcoin (BTC) is struggling to bounce back from its current climb due to selling pressure from miners (among other things). The analyst said that as the price of BTC fell to $ 77,700, there was a significant increase in the number of miners to exchange their BTC.
Miners are forced sellers, which means they will have to sell their BTC to pay bills, which affects market liquidity. Furthermore, the fact that the price is selling more bitcoins even when the price is low, it suggests that they are under financial pressure, according to the analyst. The possible reason for this is that bitcoin mining has been an average cost steadily increasing,
If enough people buy bitcoins closed by miners, the price may be stable and potentially cured. On the other hand, if the miners keep selling, but there is no demand, then the price of BTC will move forward, all other things are the same.
Currently, the latter landscape is more likely, as analysts hope that bitcoin is expected to have a deep retracement towards a border of $ 70,000. For example, Arthur Hayes recently stated that “BTC is probable around $ 70K,” but stated that a bull market is normal in the market 36% from the high level of all its time at $ 110K.
