Bitcoin falls below $ 8,800 as miners continue to sell off their reserves

Since Sunday, bitcoin has lost more than $ 400 in value due to pressure on the market from miners, who have begun to actively liquidate their BTC stocks to cover ongoing operating costs..

Over the past day, the rate of the leading cryptocurrency dipped by 4.4% from $ 9280 to 8874, and not for long during the night collapse will touch the level of $ 8630, but the subsequent correction slightly corrected the situation. Since the day before there were no attempts at price breakouts and other events significant for the market, analysts believe that the reason was the active sale by miners of their reserves..

After halving the average cost of mining 1 BTC is at $ 12,000, but all previous attempts to break above $ 10,000 failed, which weakened the bulls’ positions and contributed to a gradual decline. Due to unfavorable conditions, miners are forced to sell more digital assets than they are mined in order to cover their operating costs in order to continue stable operation..

According to the ByteTree service, recently they regularly sell 3.1% more than they mine. Such pressure does not allow the market to reverse the emerging downtrend and only exacerbates the situation.

🚨DON’T SELL YOUR BITCOIN UNLESS THIS EXACT SCENARIO PLAYS OUT!!!!!!!

Bitcoin falls below $ 8,800 as miners continue to sell off their reserves

If in the near future the bitcoin price remains in the range of $ 8800- $ 9000, then there is a high probability of further decline up to $ 6000- $ 7000.

text: Ivan Malichenko, photo: iStock, chart: TradingView, ByteTree

Bitcoin falls below $ 8,800 as miners continue to sell off their reserves

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