Current Bitcoin miners have reduced selling pressure, the market is gradually stabilizing but has not yet shown a strong upward trend.
Bitcoin is fluctuating around the important technical support level of $115,000; if this level is lost, it could trigger selling pressure and liquidation.
MAIN CONTENT
Bitcoin miners are no longer in a state of strong selling pressure; the market has escaped the 'tense zone'.
The current price has not recorded significant upward momentum like previous bull runs.
The level of $115,000 is an important technical threshold that could cause significant volatility if breached.
Are Bitcoin miners really escaping the danger zone?
Analysis from Blockchain data expert Axel Adler Jr. shows that Bitcoin miners are currently under less selling pressure as prices remain higher than the last time mining difficulty hit a low.
Specifically, the index comparing Bitcoin price to the lowest difficulty level is currently at +7.4%, in the safe green zone, contrasting with the -10% to -30% range that previously appeared during periods of miner sell-offs due to financial pressure.
This indicates that miners are currently holding a strong position, not forced to sell off their Bitcoin holdings, contributing to market stability.
Why is there no major sell-off phenomenon but also no strong price increase?
The current price increase of Bitcoin is positive but has not reached the range of 50%–80% as seen in previous bull runs.
The cryptocurrency market is in a cautious state, more stable, with no signs of a strong explosion but also minimizing the risk of significant price drops.
This is a signal that investors and miners are balancing between growth expectations and risk management.
What role does the $115,000 level play for Bitcoin?
According to Axel Adler Jr., the $115,000 threshold is viewed as a 'danger zone' for Bitcoin as it is an important technical support point and a potential bullish trap for traders hoping for quick profits.
The current Bitcoin price is around $116,539, up 1.6% in the past 24 hours, remaining above the safe threshold, but if this level is lost, it may trigger sell-offs and margin liquidations as many investors bought near this price range.
Stability around the $115,000 level is helping to minimize market chaos, but this is still a price range that needs to be closely monitored to avoid strong fluctuations from selling pressure of miners.
Axel Adler Jr., Crypto Analyst, 2024
What factors should we monitor next?
An important moment approaching is the difficulty adjustment for Bitcoin mining, which may force weak miners to sell their assets, affecting the money supply pressure in the market.
The hashprice index also needs close monitoring; this is the revenue per terahash that miners receive. If this index decreases sharply, mining becomes less profitable, increasing the likelihood of sell-offs.
Additionally, the Bitcoin reserves of miners are an important indicator. A sudden decrease in reserves is a clear sign that miners are offloading, negatively impacting market trends.
If difficulty, hashprice, and miner reserves all decrease simultaneously, we will witness a rapid increase in selling pressure.
Axel Adler Jr., Crypto Analyst, 2024
Frequently Asked Questions
How is Bitcoin mining currently facing selling pressure?
According to analysis, Bitcoin miners are currently not under significant selling pressure as prices remain above the mining difficulty low, allowing them to operate stably and with less forced selling.
What does the $115,000 level mean for Bitcoin?
This is an important technical support threshold; if this level is lost, it may trigger sell-offs and liquidations as many investors take profits around this price range.
What role does hashprice play in Bitcoin mining?
Hashprice reflects mining profitability; a significant decrease would make mining less efficient, leading miners to increase selling pressure to minimize losses.
How does difficulty adjustment affect the market?
Higher difficulty adjustments may eliminate weak miners, causing asset sell-offs and negatively impacting the market.
How can we tell if miners are selling Bitcoin?
A sudden drop in Bitcoin reserves of miners is a direct sign that they are selling to the market.
Source: https://tintucbitcoin.com/bitcoin-miners-giu-btc-khong-ban-can/
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