The leading cryptocurrency, Bitcoin (BTC), has been experiencing a highly active period recently. Yesterday, Bitcoin was trading at $69,000, but it faced a significant downward trend following announcements from the US. The volatility in Bitcoin has also impacted miners, who play a crucial role in the cryptocurrency market. Bitcoin miners are selling to cover rising costs. So, what will be the impact on Bitcoin?
Miner Sales in BTC
The cryptocurrency analytics platform CryptoQuant has analyzed Bitcoin miners. According to the data shared by the analytics company, there has been an increase in mining pool transfers. If these sales by Bitcoin miners, who play a significant role in Bitcoin, continue, Bitcoin could face a new wave of selling. Large-scale sales could accelerate the decline in Bitcoin.
The well-known cryptocurrency analyst Ali Martinez linked the turbulent period in the markets to the long-awaited halving event in Bitcoin, which occurred in April. The analyst stated that the increase in mining costs to $77,000 after the halving is directly proportional to the increase in sales transactions in the sector.
Expectations of $100,000 in BTC
During the period when the leading cryptocurrency reached its all-time high, miner revenues were around $78,000. Compared to today, mining revenue has decreased by approximately 55%. The decline in revenue coincides with the period when miners are selling.
Bitcoin transaction fees also dropped from 117 Bitcoin to around 65 Bitcoin before April 18. There are various expectations in the cryptocurrency markets that Bitcoin could reach $100,000 by the end of June. However, the selling pressure from miners could negatively affect the price in the short term. If the demand from spot Bitcoin ETF issuers remains stable, BTC could head towards a bull run. At the time of writing, Bitcoin is trading at $66,884.
