Bitcoin’s price remains stable above $60,000, but recent actions by miners may disrupt this stability soon. The recent halving reduced the block reward, resulting in decreased revenues for miners and increasing pressure.
Bitcoin Under Increased Pressure
Miners rely on mining rewards and transaction fees to operate. Each halving historically leads to increased selling pressure from miners. The recent halving has caused a drop in the Bitcoin hash rate, making mining less profitable.
With reduced income, miners are forced to sell some of their BTC holdings to cover costs. Network fees have helped offset some operational costs, but with declining trading activity, miners are more likely to sell their holdings.
What’s Next For BTC?
Currently, Bitcoin is trading at $61,888 with a slight decline. The next few months will be crucial in determining the impact of halving and miner selling on the price. If demand remains strong and miners hold onto their BTC, the price could stabilize or even rise.
Despite potential selling pressure from miners, there are catalysts for price surges, such as mainstream adoption and whale accumulation. Bitcoin has a chance to defend the $60,000 price level. Short-term holder whales are accumulating around 200,000 BTC per week.
Image Source: Vladimka production / Shutterstock
