Bitcoin Miners Heighten Selling Pressure Ahead of Halving Event

Miners are experiencing increasing selling pressure due to high hash rates, peak mining difficulty, and rising energy costs that are impacting their profitability, according to analyst Miles Deutscher. As Bitcoin’s halving event approaches, miners may opt to sell their Bitcoins to bolster their capital reserves.

Supporting this trend is data indicating a record amount of miner revenue being sent to exchanges, further amplifying the market’s selling pressure. Nonetheless, Bitcoin’s price has seen a slight increase over the past 24 hours, reaching $26,401.61, accompanied by a substantial rise in its 24-hour trading volume.

However, an analysis suggests that strong selling pressure persists. Despite these challenges, the cryptocurrency’s market capitalization remains solid at over $514 billion.

In the past week, Bitcoin’s value decreased by just over 2%, while it experienced a growth of 1.46% over the last month. The upcoming weeks will be critical in determining how these pressures will influence Bitcoin’s trajectory as the halving event approaches.

This article was generated with the support of AI and reviewed by an editor.