Are BTC miners done with the worst for this financial quarter? These data suggest…

  • Miners continued to sell their BTC by dumping 10,000 BTC this week
  • A huge capitulation could be in sight due to the indications revealed by the Bitcoin hash tape

Bitcoin [BTC] miners continued to sell massive units of the king’s coin as pressure to maintain its hold grew. This development was revealed by Joaowedson, an analyst at CryptoQuant. He pointed out that the increasing cost of mining could have forced this position. Joaowedson, who doubles as a data scientist, explained,

“Faced with the current price of Bitcoin and the high cost of mining in several countries. Miners are forced to sell their positions.

Lily Bitcoins [BTC] Price prediction 2023-2024

Get it out in big bucks

CryptoQuant data show that the recent BTC sold by miners was by no means insignificant. At press time, Bitcoin miners had dropped 10,000 BTC by December 1. For the influx, it was not at all close. The last time there was a major influx of miners was on November 26, when 2,569 BTC poured in.

Source: CryptoQuant

This condition meant that miners could remain unprofitable for a longer period than expected. Moreover, the constant sending of miners implied that there was a possibility of either a further decline in the price of BTC or an increase in volatility. Indeed, the miners’ position index (MPI) relates to the moving average (MA) over one year. Therefore, this could have propelled the miners’ action against the lower supply.

As expected, the sales affected the mining sector revenue even though he had been in the same condition for months. According to Glassnode, the total income of BTC miners at the time of writing was 814.28 BTC. This meant that the rewards and fees generated since the start of 2022 were nothing to get excited about.

Revenue from bitcoin miners

Source: Glassnode

Hash Ribbon Indicates Bitcoin Surrender In Sight

Apart from the reduction in revenue, BTC hash tape indicates that no more fall could be nearby. According to Glassnode, the hash tape revealed that Bitcoin was still expensive compared to the cost of mining. Furthermore, the metric indicated that the worst was not yet over, as the 30-day MA had not crossed the 60-day MA.

In the event that this occurs, the hash ribbon changes from light red signal to dark red. Since the status at press time was light red, this meant that BTC could see further decline and the current price was probably not the lowest.

Bitcoin hash tape

Source: Glassnode

As for its price, BTC was trading hands at $16,971. Based on data from CoinMarketCap, this value represented a respite of 2.28% over the past seven days. However, the 30-day performance was down 16.43%. Given the data analyzed above, BTC may not be able to trade consistently above $17,000 in the near term.

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