Bitcoin 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.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.