{"id":405898,"date":"2024-07-10T19:00:59","date_gmt":"2024-07-10T13:30:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=405898"},"modified":"2024-07-10T14:59:25","modified_gmt":"2024-07-10T09:29:25","slug":"bitcoin-miners-in-crisis-will-btc-prices-fall-further","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-miners-in-crisis-will-btc-prices-fall-further\/","title":{"rendered":"Bitcoin miners in crisis &#8211; Will BTC prices fall further?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin price volatility is triggering miner capitulation, signaling potential market shifts.<\/em><\/li>\n<li><em>CryptoQuant CEO suggests the current miner capitulation phase could persist, advising caution in market participation.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> price fluctuations continue to dominate the crypto markets, with the leading cryptocurrency experiencing both surges and declines over the past week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recently, Bitcoin showed signs of recovery, rising by 3.1% to press time trading price of $58,941. This uptick comes after a dramatic fall below $54,000 last week, a price point unseen since February.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Despite this brief resurgence, Bitcoin remains down 7.1% over the past week and has declined 21.9% from its March high of over $73,000.<\/span><\/p>\n<h2><strong>Miner capitulation: A persistent concern<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Ki Young Ju, CEO of CryptoQuant, a renowned cryptocurrency analytics firm, <\/span><a href=\"https:\/\/x.com\/ki_young_ju\/status\/1810713273995555259\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">highlighted<\/span><\/a><span style=\"font-weight: 400;\"> that Bitcoin miners are continuing to face challenges, a condition known as &#8216;miner capitulation&#8217;.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This term refers to a period where mining profits are squeezed due to falling Bitcoin prices, leading miners to sell their holdings to cover operational costs, potentially driving prices down further.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ki Young Ju notes that miner capitulation typically concludes when the daily average mined value drops to 40% of the yearly average; currently, it stands at 72%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This extended phase of capitulation suggests that the market may experience a lack of exciting movements for the next few months, emphasizing a strategy of long-term optimism but cautious trading in the short term.<\/span><\/p>\n<figure style=\"width: 804px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/pbs.twimg.com\/media\/GSDuKF1XwAEKR78?format=png&amp;name=900x900\"><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GSDuKF1XwAEKR78?format=png&amp;name=900x900\" alt=\"Source: CryptoQuant\" width=\"804\" height=\"478\" \/><\/a><figcaption class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In Ju\u2019s words:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cBitcoin miner capitulation is still ongoing. Historically, it ends when the daily average mined value is 40% of the yearly average; it&#8217;s now at 72%. Expect the crypto markets to be boring for the next 2-3 months. Stay long-term bullish but avoid excessive risk.\u201d<\/span><\/p><\/blockquote>\n<h2><strong>Bitcoin fundamentals signal market stress<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Amid the ongoing miner capitulation, the Bitcoin network&#8217;s total computational power or hashrate has recently decreased to 540 exahashes per second (EH\/s) from a peak of 751 EH\/s in April, according to CoinWarz <\/span><a href=\"https:\/\/www.coinwarz.com\/mining\/bitcoin\/hashrate-chart#:~:text=The%20current%20Bitcoin%20hashrate%20is,all%20time%20Bitcoin%20historical%20hashrates.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<figure id=\"attachment_405902\" aria-describedby=\"caption-attachment-405902\" style=\"width: 2035px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12.png\"><img decoding=\"async\" class=\"wp-image-405902 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12.png\" alt=\"Bitcoin Hashrate\" width=\"2035\" height=\"1308\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12.png 2035w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12-300x193.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12-1024x658.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12-768x494.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12-1536x987.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-10-at-09.32.12-1200x771.png 1200w\" sizes=\"(max-width: 2035px) 100vw, 2035px\" \/><\/a><figcaption id=\"caption-attachment-405902\" class=\"wp-caption-text\">Source: CoinWarz<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This decline indicates that several miners are turning off their equipment, likely due to profitability challenges. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">CryptoQuant has <\/span><a href=\"https:\/\/x.com\/cryptoquant_com\/status\/1809259607186976954\"><span style=\"font-weight: 400;\">observed<\/span><\/a><span style=\"font-weight: 400;\"> that significant drops in hashrate have historically aligned with market bottoms, suggesting that these could be indicative of turning points in market dynamics.<\/span><\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GRvH5r5WUAAaIR7?format=jpg&amp;name=medium\" alt=\"Source: CryptoQuant\" width=\"1199\" height=\"668\" \/><figcaption class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Furthermore, transaction <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/BTC\/deep-dive?group=financials&amp;chart=largeTransactions\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> from IntoTheBlock shows a waning whale interest. Particularly, the number of Bitcoin transactions exceeding $100,000 has fluctuated alongside the price, reflecting the market&#8217;s volatility.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-2025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Currently, this metric has decreased to 15,330 transactions from over 17,000 in late June, underscoring the cautious stance many large-scale traders and investors are taking.<\/span><\/p>\n<figure id=\"attachment_405904\" aria-describedby=\"caption-attachment-405904\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ITB_btc_number_of_large_transactions_bitcoin_2024-07-10T08_35_57.682Z.png\"><img decoding=\"async\" class=\"wp-image-405904 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ITB_btc_number_of_large_transactions_bitcoin_2024-07-10T08_35_57.682Z.png\" alt=\"Source: IntoTheBlock\" width=\"1200\" height=\"800\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ITB_btc_number_of_large_transactions_bitcoin_2024-07-10T08_35_57.682Z.png 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ITB_btc_number_of_large_transactions_bitcoin_2024-07-10T08_35_57.682Z-300x200.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ITB_btc_number_of_large_transactions_bitcoin_2024-07-10T08_35_57.682Z-1024x683.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ITB_btc_number_of_large_transactions_bitcoin_2024-07-10T08_35_57.682Z-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-405904\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Regardless of all of these, AMBCrypto has recently reported that there is still a 25% likelihood of Bitcoin <\/span><a href=\"https:\/\/ambcrypto.com\/can-bitcoin-hit-a-new-ath-before-2024-ends-theres-a-25-chance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hitting<\/span><\/a><span style=\"font-weight: 400;\"> a new all-time high (ATH) this year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to recent data, Bitcoin miners are still facing some challenges, impacting their profitability and operations.<\/p>\n","protected":false},"author":89,"featured_media":405939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-405898","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin Miners Capitulation Continues, What Does This Mean For BTC?<\/title>\n<meta name=\"description\" content=\"According to recent data, Bitcoin miners are still facing some ongoing challenges, impacting their profitability and operations.\" \/>\n<meta name=\"robots\" content=\"index, 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