CandleFocus

Bitcoin’s Miner Supply Surge: Will BTC Hold $80K or Correct to $66K?

Author: Content Editor
Bitcoin’s Miner Supply Surge: Will BTC Hold $80K or Correct to $66K?
The crypto market has experienced liquidations of $880 million in the past 24 hours, with Bitcoin reaching a 24-hour low of $76,600 before experiencing a sharp pull reversal and trading at a market price of $81,738. The BTC price has formed a bullish engulfing candle in the daily chart after a streak of bearish candles, indicating a potential reversal. However, the 50- and 100-day EMA lines are on the verge of a negative crossover and the MACD and signal lines show bearish momentum. The BTC price is projected to challenge the resistance trend line in the daily chart, but there is a supply zone between $85,600 and $86,700 acting as primary resistance. Bitcoin miners have been offloading more BTC, increasing selling pressure and potentially leading to a steeper correction if the trend continues. However, if buyer demand absorbs the supply, stability near the $80,000 support level could be seen. The hash rate, which is less than 5% away from its all-time high, has diverged from the Bitcoin price, and the highest hash rate drawdown in past capitulations has been around 6%. The difficulty epoch has seen a previous adjustment of 1.5% and is now over 2%, but it is unlikely that the incoming supply is coming from US public companies.

Related News