Shift

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-miners-signal-market-shift" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Signal Market Shift</a><br></p>
<p style="text-align: justify">New findings from an on-chain analysis firm suggest that <a href="https://en.bitcoinhaber.net/bitcoin-miners-increase-sales-as-rewards-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> miners may be ending their phase of capitulation, potentially indicating the onset of a <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">bull market</a> for the cryptocurrency. Bitcoin, despite showing signs of revival, is currently traded at $59,076, experiencing a slight decrease of approximately 0.72% in the past 24 hours. The change in market sentiment is becoming more positive as miners are under less pressure to sell, which could lead to increasingly favorable conditions for market growth.</p>
<h2 id="what-is-happening-on-the-bitcoin-front">What is Happening on the Bitcoin Front?</h2>
<p style="text-align: justify"><strong>CryptoQuant</strong> has highlighted the Hash Ribbons indicator, which tracks the 30 and 60-day moving averages of the Hash Rate. This tool signifies the conclusion of miner capitulation and aligns with the Hash Rate hitting a new high of 638 exahash (EH/s) per second. This is particularly notable as it represents the first recovery since the Bitcoin halving, which lowered the block reward to around 3.125 Bitcoin, worth approximately $185,000. According to CryptoQuant, this indicator does not pinpoint the exact price bottom but usually signals a decrease in miners’ selling pressure, which precedes higher prices.</p>
<p style="text-align: justify">Similar miner capitulation levels were witnessed during the FTX bankruptcy process in late June, attributed to operational costs surpassing the revenue from cryptocurrency mining. CryptoQuant’s <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data revealed</a> that miners sold about 28,018 Bitcoin, equating to $1.68 billion at current market prices, between January and August 2024.</p>
<h2 id="details-on-the-subject">Details on the Subject</h2>
<p style="text-align: justify"><strong>CryptoQuant</strong> analyst Maartunn mentioned in an interview that the economic pressures on miners have lessened, reducing the necessity to sell mined Bitcoin. Despite lower mining rewards, mining companies have managed to maintain operations and continue to contribute hashrate to the network. This has led to a more stable market environment, suggesting that the Bitcoin consolidation phase might be nearing its end.</p>
<h2 id="key-inferences">Key Inferences</h2>
<p style="text-align: justify">– The Hash Ribbons indicator can serve as a signal for the end of miner capitulation.<br> – Reduced economic pressure on miners has led to fewer Bitcoin sales.<br> – Increased token transfer volume suggests strong market demand.<br> – Post-halving market behavior often points to an impending bull market.</p>
<p style="text-align: justify">Popular analyst Axel Adler Jr. noted that the daily average token transfer volume rose from $650,000 to $765,000 after Bitcoin reached the $57,000 level. This increase coincides with price stability in Bitcoin’s local consolidation range between $57,000 and $68,000. The rise in transfer volume, largely driven by panic sales, was effectively absorbed by the market, indicating robust demand for Bitcoin. Adler Jr. believes this suggests that Bitcoin is approaching the final stages of its consolidation phase, supported by typical post-halving behavior pointing towards a forthcoming bull market.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-miners-signal-market-shift" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Miners Signal Market Shift</a></h5>

Bitcoin Miners Signal Market Shift

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