According to the latest data, Bitcoin is trading at around $59,000. Despite some miners giving up due to market conditions, there has been significant buying among major mining companies. The price drop last week led to significant miner capitulation in Bitcoin, and miner exits increased.
Data from CryptoQuant has revealed a significant capitulation among miners as Bitcoin’s price has fallen to $49,000. On August 5, the amount of BTC mined by miners rose dramatically to 19,000 BTC, the highest level since mid-March. The move suggests that miners are struggling as their profitability has fallen to 25%, the lowest levels since January.
CryptoQuant’s analysis highlighted that rising hashrate and network difficulty were the primary factors contributing to the pain miners were facing. The increase in these metrics forced miners to liquidate their assets on a large scale, with losses reaching $22 million, the largest single-day loss since May. This highlights the difficult operational conditions miners are facing.
During the recent volatility, small miners have seen a significant decrease in their Bitcoin reserves. According to Miner Balance by Cohort data, the holdings of these small players gradually declined after the halving in Q2, and this decline accelerated. However, large miners continued to increase their Bitcoin holdings. This mining community has accumulated around 66,000 BTC, indicating that they are strategically positioned to benefit from future market recoveries. This accumulation trend contributes to easing the general capitulation in the sector.
Looking at the resistance levels, Bitcoin is facing strong resistance at around $60,000. Analysis of the daily charts identifies the $61,000 and $62,000 levels as the main resistance points. Currently, Bitcoin is trading just above $58,000, marking a 2% increase in the last trading session.
FOR THE GIFT OF 10 DOLLARS PLEASE READ CAREFULLY.
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So who can benefit?
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I EXPLAIN IN DETAILED.
My brothers and sisters who have become Binance members without a reference, please listen carefully;
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WHEN WILL THE REWARD COME?
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You can share this post with your friends in need so that they can also benefit from it.
IN THE MEANWHILE, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. EVEN IF YOU HAVEN'T FOLLOWED US YET, DON'T FORGET TO FOLLOW US. WITH MY REGARDS.