Bitcoin (BTC), the world’s largest cryptocurrency, has seen a strong price increase approaching $25,000. At press time, BTC is up 3% and is trading at a price of $24,678, giving it a market cap of $472 billion.
Bitcoin miners, on the other hand, continue to post profits on every rise to cover their operating costs. Bitcoin’s hash ribbon remains inverted, according to Glassnode data, indicating existing stress within the mining industry.
However, Glassnode adds:Faster 30DMA It’s starting to stabilize, suggesting some improvement in the miner’s financial situation. ”
Bitcoin miner balances have dwindled as the price of BTC rose by more than $22,000 over the past two weeks. This is because miners want more liquidity. This continued selling may have an impact on the BTC price increase.as a glass node I will explain:
“Over the past two weeks, total miner balances have decreased by approximately 4.7k. $BTCThis suggests that aggregate miners have taken some exit liquidity during the recent price rally, likely strengthening their balance sheets and hedging risks.
Distribution of Bitcoin Miners to Decreased Exchanges
Glassnode further adds that Bitcoin miner stress peaked in June 2022 when BTC price fell below $20,000. However, miner distribution to exchanges has declined in recent weeks. . This suggests that while stress remains in the industry, the worst may be behind us.
If the Bitcoin price rises above $25,000, it could rise to $30,000. However, Galaxy Digital CEO Mike Novogratz said: Said He doesn’t think this will happen anytime soon. However, popular trader Ali Martinez said:he Note:
The daily RSI shows a breakout, but the 100MA at $24,900 is acting as resistance. Beyond this level, $BTC We can gain strength towards $28,000-$29,000. $23,000 invalidation.
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.