Edris
Miners are finally capitulating
Bitcoin’s price has been consolidating at the $20K level for the past few weeks, making investors wonder whether an accumulation or distribution phase is going on. Looking at the Miners Reserve chart, it seems like the latter is the case. According to CryptoQuant’s data, the miners have offloaded the largest amount of Bitcoin over since January 2021 over the last couple of weeks. The Miners are under a lot of pressure as the recent price decline of Bitcoin has made mining far less profitable, putting many miners at a loss. These miners are now forced to sell their Bitcoin at current market price to minimize the potential losses and lower their overall risk. ⚠️ Consequently, the selling pressure caused by this capitulation event could push the price even lower in the short-term and Bitcoin could drop well below the $20K mark in the near future.