{"id":627681,"date":"2024-07-04T00:30:27","date_gmt":"2024-07-04T00:30:27","guid":{"rendered":"https:\/\/uniquehot.com\/?p=627681"},"modified":"2024-07-03T17:27:57","modified_gmt":"2024-07-03T17:27:57","slug":"longest-miner-capitulation-since-2022-signals-potential-bitcoin-rally-ahead","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/longest-miner-capitulation-since-2022-signals-potential-bitcoin-rally-ahead\/","title":{"rendered":"Longest Miner Capitulation Since 2022 Signals Potential Bitcoin Rally Ahead"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC) has recently struggled to regain bullish momentum<\/span><span style=\"font-weight: 400\">, remaining in a consolidation phase just above the crucial $60,000 support. Despite reaching an all-time high three months ago, the largest cryptocurrency witnessed a dip to as low as $59,500 on Wednesday due to increased selling pressure from miners.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BTC Selling Spree<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The ongoing <\/span><a href=\"https:\/\/x.com\/BlockwareIntel\/status\/84664213\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">miner capitulation<\/span><\/a><span style=\"font-weight: 400\">, the longest observed since the summer of 2022 before the FTX implosion, indicates the Bitcoin Halving supply-squeeze effect.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Crypto analyst Ali Martinez noted that Bitcoin miners <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/98899046\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">have sold <\/span><\/a><span style=\"font-weight: 400\">more than 2,300 BTC in the past 3 days, amounting to approximately $145 million.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/toncoin-price-inches-closer-to-all-time-high-will-ton-hit-8-this-week\/\" target=\"_blank\" rel=\"noopener \">Toncoin Price Inches Closer To All-Time High \u2013 Will TON Hit $8 This Week?<\/a><\/div>\n<figure id=\"attachment_627682\" aria-describedby=\"caption-attachment-627682\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-627682\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=860&#038;resize=860%2C484\" alt=\"Bitcoin\" width=\"860\" height=\"484\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=4000 4000w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/GRdlzozXoAA7yOC.jpeg?w=3000 3000w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-627682\" class=\"wp-caption-text\">BTC miner reserve. Source: <a href=\"https:\/\/x.com\/ali_charts\/status\/98899046\" target=\"_blank\" rel=\"noopener nofollow\">Ali Martinez on X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">This selling pressure from miners adds to the recent<\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-sales-us-german-govts-fud-bullish-experts\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> BTC sales by the US and German governments<\/span><\/a><span style=\"font-weight: 400\">, contributing to the market&#8217;s downward pressure and keeping prices within the lower range of the wider consolidation zone between $60,000 and $70,000 witnessed in recent months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, addresses linked to the German and US governments have sent $737 million worth of BTC to exchanges, including Coinbase, Bitstamp, and Kraken, in various transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/dot\/polkadot-treasury-faces-impending-funding-crisis-limited-to-24-months-before-exhaustion\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">selling pressure <\/span><\/a><span style=\"font-weight: 400\">from governments and miners subsides over time, market observers expect a potential price recovery for BTC, following the typical pattern observed during the post-Halving period, where new all-time highs are often achieved.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Price Outlook<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Market expert Scott Melker <\/span><a href=\"https:\/\/x.com\/scottmelker\/status\/20424943\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">points out<\/span><\/a><span style=\"font-weight: 400\"> that the market may be nearing a crucial signal, stating that if a daily candle closes below the $60,300 level, it could lead to a bullish divergence.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This would involve the daily RSI (Relative Strength Index) moving out of oversold territory, similar to last August when the price was around $26,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Melker emphasizes the need for a close below the mentioned level, followed by a clear upward move in the RSI without making a <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/buckle-up-here-is-why-bitcoin-might-just-be-gearing\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">lower low<\/span><\/a><span style=\"font-weight: 400\">. It would require a significant downward move for the RSI to go lower than its level on June 24th.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/avalanche-on-the-verge-will-avax-break-out-and-reach-65\/\" target=\"_blank\" rel=\"noopener \">Avalanche On The Verge: Will AVAX Break Out And Reach $65?<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, crypto analyst Andrew Kang highlights the significance of a potential loss of the four-month range on Bitcoin, drawing parallels with the range observed in May 2021 following a parabolic rally of BTC and altcoins.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Kang <\/span><a href=\"https:\/\/x.com\/Rewkang\/status\/22677300\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">notes <\/span><\/a><span style=\"font-weight: 400\">that over $50 billion in crypto leverage is currently at near all-time highs, compounded by the fact that the market has been in a prolonged consolidation phase for 18 weeks without experiencing extreme washouts, as seen during the 2020-2021 bull market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Moreover, Kang suggests that initial estimates of the low $50,000s may have been too conservative, and a more significant reset to the $40,000s could be possible.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Such a pullback would substantially impact the market and likely necessitate a few months of choppy or downward price action before a reversal and an upward trend could be established.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/K7Vf2FcZ\/\" alt=\"Bitcoin\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows that BTC&#8217;s price is trending downward. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, BTC has recovered the $60,350 level after its brief dip below this crucial support for further movements to the upside.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The largest cryptocurrency in the market has erased all gains in wider time frames, and it is currently recording a 12% price decrease in the monthly time frame.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has recently struggled to regain bullish momentum, remaining in a consolidation phase just above the crucial $60,000 support. Despite reaching an all-time high three months ago, the largest cryptocurrency witnessed a dip to as low as $59,500 on Wednesday due to increased selling pressure from miners. BTC Selling Spree The ongoing miner capitulation, the longest observed since the summer of 2022 before the FTX implosion, indicates the Bitcoin Halving supply-squeeze effect.\u00a0 Crypto analyst Ali Martinez noted that Bitcoin miners have sold more than 2,300 BTC in the past 3 days, amounting to approximately $145 million. Related Reading: Toncoin Price Inches Closer To All-Time High \u2013 Will TON Hit $8 This Week? This selling pressure from miners adds to the recent BTC sales by the US and German governments, contributing to the market&#8217;s downward pressure and keeping prices within the lower range of the wider consolidation zone between $60,000 and $70,000 witnessed in recent months.\u00a0 Notably, addresses linked to the German and US governments have sent $737 million worth of BTC to exchanges, including Coinbase, Bitstamp, and Kraken, in various transactions. As the selling pressure from governments and miners subsides over time, market observers expect a potential price recovery for BTC, following the typical pattern observed during the post-Halving period, where new all-time highs are often achieved. Bitcoin Price Outlook Market expert Scott Melker points out that the market may be nearing a crucial signal, stating that if a daily candle closes below the $60,300 level, it could lead to a bullish divergence.\u00a0 This would involve the daily RSI (Relative Strength Index) moving out of oversold territory, similar to last August when the price was around $26,000.\u00a0 Melker emphasizes the need for a close below the mentioned level, followed by a clear upward move in the RSI without making a lower low. It would require a significant downward move for the RSI to go lower than its level on June 24th. Related Reading: Avalanche On The Verge: Will AVAX Break Out And Reach $65? However, crypto analyst Andrew Kang highlights the significance of a potential loss of the four-month range on Bitcoin, drawing parallels with the range observed in May 2021 following a parabolic rally of BTC and altcoins.\u00a0 Kang notes that over $50 billion in crypto leverage is currently at near all-time highs, compounded by the fact that the market has been in a prolonged consolidation phase for 18 weeks without experiencing extreme washouts, as seen during the 2020-2021 bull market. Moreover, Kang suggests that initial estimates of the low $50,000s may have been too conservative, and a more significant reset to the $40,000s could be possible.\u00a0 Such a pullback would substantially impact the market and likely necessitate a few months of choppy or downward price action before a reversal and an upward trend could be established. At the time of writing, BTC has recovered the $60,350 level after its brief dip below this crucial support for further movements to the upside.\u00a0 The largest cryptocurrency in the market has erased all gains in wider time frames, and it is currently recording a 12% price decrease in the monthly time frame.\u00a0 Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":627683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,656,679,1119,1144,8390,78790,6664,14690],"class_list":["post-627681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Longest Miner Capitulation Since 2022 Signals Potential Bitcoin Rally Ahead<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has recently struggled to regain bullish momentum, remaining in a consolidation phase just above the $60,000 levevl.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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