About a month ago, the Bitcoin block reward half had occurred. However, the price has not changed much since then. Bitcoin has been trading sideways since the split, and has recently been rejected, facing a hard reject of $ 15K for the 15th time.
Also, the amount of Bitcoin mining dump is remarkable. In particular, BTC miners are selling more Bitcoins than they produce on a daily basis, creating a deeper fear of Bitcoin price decline in the near term.
Tuur Demeester, founder of Adamant Capital, says that a bull from miners is very close.
“There Is Less Bitcoin Left To Be Sold And A Sign For This Bull”
The third half of Bitcoin was probably the most anticipated event of 2020. The reason for this was that BTC recorded parabolic rallies immediately after previous halves. Mining block subsidy is reduced by half with the half-incident. After the last half, miners are now only receiving 6.25 BTC.
Market experts have long stated that with declining revenues, most miners will hold their money by waiting for the Bitcoin rally, instead of releasing their coins at a low price. However, the situation does not look like this. Instead, struggling miners are selling their Bitcoins at least to cover their operating costs.