Bitcoin miners continue to sell their holdings following the halving event, leading to ongoing selling pressure in the market. This extended period of miner capitulation has been causing Bitcoin’s price recovery to be hindered, preventing it from reaching previous highs. The hash ribbons chart indicates that this phase of selling has not yet resolved, and miners’ relentless selling has kept the market bearish. Bitcoin is struggling to maintain its position above key moving averages, and the ongoing selling pressure from miners has contributed to this. Funding rates on popular exchanges suggest that the market is still influenced by miners’ sales. The end of this capitulation stage may rely on various factors, such as a significant increase in the price of Bitcoin that would make mining profitable once again.
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Bitcoin (BTC) Miners’ Capitulation Is Still On: Will It Ever End?
