December 7, 2021

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 day, the leading cryptocurrency exchange ratedipped 4.4% from $ 9,280 to 8,874, and during the night collapse, the $ 8,630 mark will briefly touch, but the subsequent correction slightly corrected the situation. Since on the eve there were no attempts at price breakthroughs and other events significant for the market, analysts believe that the reason was the active sale miners of their stocks.

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

After halving, the average production cost of 1 MTCis at $ 12 thousand, but all previous attempts to break above $ 10 thousand have failed, which weakened the position of the bulls and contributed to a gradual decline. Due to adverse conditions, miners are forced to sell more digital assets than they extract in order to cover their current expenses in order to continue stable operation.

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