March 29, 2024

Bitcoin exchange rate drops below $ 8800 as miners continue to sell off their stocks

Bitcoin exchange rate drops below $ 8800 as miners continue to sell off their stocks

Since Sunday, Bitcoin has lost over $ 400 in value,due to pressure on the market from miners who began to actively liquidate their MTC stocks to cover current operating costs.

Over the past 24 hours, the rate of the leading cryptocurrencyfell by 4.4% from $9280 to 8874, and during the overnight collapse they briefly touched the $8630 mark, but the subsequent correction slightly corrected the situation. Since there were no attempts at price breakthroughs or other significant events for the market the day before, analysts believe that the reason was an active saleminers of their stocks.

Bitcoin exchange rate drops below $ 8800 as miners continue to sell off their stocks

After halving average production cost1 BTC is at the level of $12 thousand, but all previous attempts to break above $10 thousand failed, which weakened the position of the bulls and contributed to a gradual decline. Due to unfavorable conditions, miners are forced to sell more digital assets than they mine in order to cover their operating costs to continue stable operations.

According to the ByteTree service, recentlytime they regularly sell 3.1% more than they produce. Such pressure does not allow the market to reverse the emerging downward trend and only aggravates the situation.

Bitcoin exchange rate drops below $ 8800 as miners continue to sell off their stocks

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

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