Longest Miner Capitulation Since 2022 Signals Potential Bitcoin Rally Ahead
Bitcoin (BTC) has recently struggled to regain bullish momentum, remaining in a consolidation phase just above the crucial $60,000 support. Despite reaching an all-time high three months ago, the largest cryptocurrency witnessed a dip to as low as $59,500 on Wednesday due to increased selling pressure from miners. BTC Selling Spree The ongoing miner capitulation, the longest observed since the summer of 2022 before the FTX implosion, indicates the Bitcoin Halving supply-squeeze effect. Crypto analyst Ali Martinez noted that Bitcoin miners have sold more than 2,300 BTC in the past 3 days,....
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Bitcoin’s price has fallen below the critical support level of $60,000, reaching a low of $57,914. Since Tuesday, Bitcoin has experienced a further 7% decline, reinforcing the ongoing downward trend. Currently, market sentiment is shifting markedly towards the bearish side. Is A May 2021-Style Bitcoin Crash Looming? Andrew Kang, co-founder of Mechanism Capital, has raised significant concerns regarding the pattern emerging in the Bitcoin market, reminiscent of the conditions that led to the dramatic crash of May 2021. In a detailed analysis shared via X (formerly Twitter), Kang....
Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered a forecast that suggests a complex road ahead for BTC, with potential gains on the horizon after some ‘inevitable’ turbulence. Bitcoin Rally Hangs On Miner Capitulation, How? Bitcoin’s current market behavior is largely influenced by its miners, whose actions can significantly impact its price. According to Willy Woo, the key to understanding when Bitcoin might start its recovery lies in observing miner capitulation and the subsequent recovery of the hash....
On Thursday, September 18, the Bitcoin price enjoyed some form of rejuvenation following the outcome of the United States Federal Open Market Committee (FOMC) meeting. Federal Reserve Chair Jerome Powell announced an interest rate cut for the first time in 2025. The general crypto market rallied on the back of this rate cut announcement, with the Bitcoin price running to a monthly high and almost breaking above the $118,000 level on the day. However, the premier cryptocurrency has failed to build on this momentum, retreating to around $115,500 on Friday, September 19. With price unable to....
Bitcoin has definitely performed on the bullish side for the past three weeks. Many investors are now convinced of the full return of bullish price actions, and various technical indicators support this surge in optimism. One such indicator is the hash ribbon, which highlights a positive price momentum for Bitcoin. Related Reading: Solana Set For 900% Rally With Breakout From This Pattern — Analyst The hash ribbon provides a compelling view of on-chain activity by tracking the behavior of miners, who are known to have a direct influence on the cryptocurrency’s price. Price Momentum....