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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Miners Largely Responsible For Latest Rejection At $10K

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin miner selloff

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Bitcoin price has been consolidating in the mid to high $9,000 range for nearly a month and a half. Repeated attempts to break and hold above $10,000 have been rejected thus far.

The most recent rejection, data shows, was largely fueled by miners who were seen moving BTC supply to exchanges just ahead of the most recent steep selloff. Is this miners capitulating, or simply taking advantage of high prices each time the cryptocurrency reaches the key resistance level?

Are Miners Responsible For The Latest Crypto Market Selloff?

In early 2020, Bitcoin and other cryptocurrencies went on strong rallies from lows set in the year prior.

All signs had been pointing to a new uptrend forming. Indicators had been supporting the incredibly bullish sentiment and price action.

Bitcoin price began to cool off after a visit above $10,000, but then the black swan impact of the pandemic struck financial markets, and all bullish price action leading up to the high was erased in under 48 hours.

The carnage is now referred to as Black Thursday.

Related Reading | Bitcoin Slides As Greater Financial Market Is a Sea of Red, How Far Will BTC Drop? 

From the extreme panic low, Bitcoin price has grown over 140% and revisited above $10,000 numerous times.

Each time it’s pushed above the powerful resistance level, it has led to a strong rejection, the last of which, data indicates may have been driven by Bitcoin miners.

But why the sudden surge in selling post-halving? According to theories related to the halving, miners should be holding any new BTC mined not selling, so why is the inverse now happening?

https://twitter.com/byzgeneral/status/1271761478518018049?s=21

Miner Capitulation And Competition May Be Purposely Pushing Bitcoin Prices Lower

Data analyzing the amount of BTC supply mining pools hold flowing into cryptocurrency exchanges shows an especially large movement preceding the most recent crash in Bitcoin price.

Speculation suggests that this Bitcoin was later market sold, causing the price of the asset to drop as a result.

Miners have been long expected to hold newly mined BTC post-halving, throwing off supply and demand, which could cause the start of a new uptrend in the digitally scarce asset.

Instead, however, miners have been selling even more BTC, even tapping into reserves.

While the halving could ultimately have the expected effect on the price per BTC, it may first require the weakest mining participants to capitulate and close up shop for good.

This also may be what is happening, according to the data, and a surge in miners moving funds to exchanges.

Miner profit margins live and die by the market value of Bitcoin versus the cost of production. When Bitcoin price heavily outweighs energy and operating costs, mining is extremely profitable.

But for miners who don’t have access to cheap energy, or aren’t large enough for the efficiency needed for profitability, the halving may have destroyed any chance of having a surviving business model.

Because the halving immediately reduced the block reward miners receive for securing the network from 12.5 BTC to just 6.25 BTC, the cost of production doubled instantly also.

This has put the weakest miners at a strong disadvantage due to Bitcoin price remaining under $10,000.

bitcoin hash ribbons miners

Indicators measuring the health of the Bitcoin network point to miners capitulating due to the substantial blow to profit margins. If Bitcoin price drops lower, miners may have zero choice but to sell or suffer major losses.

Another theory is that it is actually the strongest miners selling in an attempt to force the capitulation of the weakest miners by pushing prices lower.

Related Reading | Bitcoin Miner Capitulation Reaches Black Thursday Levels, Is A Severe Selloff Looming?

A temporary hit to their own, currently sustainable margins, could eliminate the competition for them for years to come.

Whatever the reason for the selling, it isn’t necessarily bearish for Bitcoin. The more weak miners are cleansed from the network, the healthier mining pools will be and the more likely they will be to hold BTC supply for later mark up during the next bull market.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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