The post Bitcoin Faces Miner Capitulation Amid $60K Resistance, Large Miners Accumulate appeared on BitcoinEthereumNews.com.

As of recent data, Bitcoin has been trading close to the $59,000 range. Despite some miner capitulation, substantial accumulations were noted among larger mining entities. Bitcoin experienced significant miner capitulation due to a price dip last week, intensifying outflows from miners. Discover the latest data on Bitcoin’s miner capitulation and its impact on the market dynamics. Learn how key players navigate the shifting landscape amidst rising difficulties. Bitcoin’s Miner Capitulation Unveiled The latest insights from CryptoQuant revealed a notable capitulation among Bitcoin miners as the cryptocurrency’s price plummeted to around $49,000. On August 5th, miner outflows surged dramatically to 19,000 BTC, marking the highest level since mid-March. This significant movement was largely driven by miners grappling with diminished profit margins, which hit a low of 25%, the most constrained since January. Impact of Rising Hashrate and Network Difficulty CryptoQuant’s analysis indicated that intensified hashrate and escalating network difficulty were core factors adding to miner woes. The recent spike in these metrics pressured miners to liquidate their holdings considerably, leading to realized losses amounting to $22 million—the largest single-day loss since May. These developments underscore the formidable operational challenges miners have faced. Shifting Trends in Miner Holdings Amid the recent turmoil, smaller miners have seen a significant depletion in their Bitcoin reserves. According to Miner Balance by Cohort data, these smaller players were already witnessing a gradual decline in their holdings which steepened following the halving event in Q2. Large Miners Maintain Accumulation In stark contrast to their smaller counterparts, larger miners have continued to bolster their Bitcoin holdings. This segment of the mining community has accumulated approximately 66,000 BTC, suggesting resilience and strategic positioning to leverage future market recoveries. This accumulation trend has been a contributing factor in mitigating the overall industry-wide capitulation. Resistance Levels and Market Recovery Despite recent…

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Filed under: News - @ August 18, 2024 1:12 am