Bitcoin price drop to $25,000 has caused massive liquidations for traders in a matter of few hours. But this bearish move of varying magnitude could r
Bitcoin price has crashed from nearly $30,000 to $25,000 in under 48 hours, causing massive liquidations.
A close look at miner statistics reveals that another leg of this crash might be brewing if things do not improve. Bitcoin price drop to $25,000 has causedfor traders in a matter of few hours. But this bearish move of varying magnitude could repeat again, especially if BTC’s hash rate continues to rise and the price fails to recover quickly.
Bitcoin’s 7-day average hash rate hovers around 409 million TH/s and shows no signs of slowing down. With falling BTC prices, a higher hash rate would make mining an expensive process. If this condition remains unchanged, Bitcoin miners will be forced to sell their BTC holdings.While the hash rate continues to climb, miner reserve, aka the amount of BTC held, also skyrockets. In the last leg of the Bitcoin rally from roughly $26,000 to $31,500, the miner reserve shot up from 1.
The 200,000 BTC currently sits with miners and has come after the recent crash. If conditions do not improve in favor of miners, these BTC could flow to exchanges where they will be sold.Therefore, investors need to be cautious and pay close attention to Bitcoin price. Should the recovery rally delay with has rate remaining high, it could trigger a selloff.
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