Bitrabo Editorial
The month of June has been challenging for Bitcoin investors as the cryptocurrency experienced significant price drops. A key factor contributing to this decline has been the increased selling pressure from Bitcoin miners.
Impact of Bitcoin Miners’ Sell-Off
Reports from market intelligence platform IntoTheBlock revealed that Bitcoin miners have sold over 30,000 BTC ($2 billion), the fastest rate in over a year. The recent halving event, which reduced miners’ rewards, has led to tighter profit margins, prompting miners to offload their holdings to cover operational costs.
These sell-offs have contributed to Bitcoin’s price dropping from around $70,000 to below $63,000. Analysts suggest that the cryptocurrency may see further declines unless the selling pressure from miners subsides, allowing for a potential recovery in the future.
Factors Contributing to Downward Pressure
Another concern for Bitcoin’s price outlook is the presence of a significant supply barrier between $64,300 and $70,800, where a large number of addresses bought BTC. If these holders start selling to limit losses, it could lead to additional downward pressure on the cryptocurrency.
Recent reports also indicate that Bitcoin struggles to rebound above certain profit levels, potentially forcing short-term investors to secure profits or cut losses, further impacting the price trajectory.
