Bitcoin has been witnessing a continuous wave of selling by Bitcoin miners since the last fork.
Data on the network suggests that selling pressure from miners has not subsided, raising questions about how long this capitulation will last, and whether there is an imminent end to the phenomenon.
Impact of a halving event on mining activity:
The Bitcoin reward fork event, which halves the block mining reward, is considered a crucial turning point in the cryptocurrency market.
Traditionally, this event leads to a difficult period for miners, as their revenues drop dramatically, prompting them to sell their Bitcoins to cover operating costs.
This phase, called miner capitulation, prolongs the period of market stress due to the constant influx of Bitcoin into the market.
Data on the Bitcoin network from various analysis platforms clearly shows this prolonged phase of miners capitulating.
Bitcoin hash bars, which are an indicator of miners' health, show continued significant pressure in the market.
These bars, which represent intense periods of miner capitulation, reflect a state of permanent stress that is preventing Bitcoin from making a sustained recovery towards its previous highs.
It can be said that the impact of sales of Bitcoin miners is a major obstacle to the recovery of the Bitcoin price.
The future depends heavily on a number of factors, including the possibility of Bitcoin's price rising to a level that makes mining profitable again.
If such a rally occurs, Bitcoin miners may be able to reduce their sales, which could ease market pressures and allow Bitcoin to regain its upward momentum.
