比特币（BTC）价格调整可能是矿工投降阶段

过去几天，加密货币市场面临极大的抛售压力，导致主要代币跌破其关键支撑位

Major cryptocurrencies faced immense selling pressure over the past few days, leading to the top tokens slipping below their critical support levels.

过去几天，主要加密货币面临巨大的抛售压力，导致顶级代币跌破其关键支撑位。

While spot BTC ETF inflows continue to rise, the selling pressure also mounts over the markets, hinting towards a large chuck of people selling heavily.

尽管现货 BTC ETF 流入量持续增加，但市场上的抛售压力也在加大，这暗示着大量人正在大量抛售。

Ever since Bitcoin price soared above $71,000, followed by the approval of the spot Ethereum ETF, market participants were confident of reaching a new ATH. Unfortunately, all the expectations were altered within the rejection, while the recent pullback has validated a strong bearish trend. The hugely formed bearish candles, which have outperformed the buying pressure, have dragged the BTC price out of the bullish range. Hence, it is now believed the much-speculated bottom below $60,000 may finally be reached.

自从比特币价格飙升至71,000美元以上，以及现货以太坊ETF获得批准以来，市场参与者对达到新的ATH充满信心。不幸的是，所有的预期都在拒绝中发生了变化，而最近的回调证实了强烈的看跌趋势。巨大的看跌蜡烛超过了买盘压力，将比特币价格拖出了看涨区间。因此，现在人们相信，人们猜测的 60,000 美元以下的底部可能最终会达到。

But who is selling Bitcoin and creating selling pressure, at a time when institutions are registering record-breaking inflows?

但在机构资金流入创纪录之际，谁在抛售比特币并制造抛售压力？

The Bitcoin price has been consolidating within the range for over 100 days now and this may have caused a strong miner capitulation phase, which was rare. This was a result of the halving event, culling the weak miners. Moreover, the average cost for miners has surged above $75,000 per BTC, while the spot price has dropped below $67,000. Hence, this could have compelled them to shed off their balances, which have been the lowest in the past 6 to 8 months.

比特币价格已经在该区间内盘整了 100 多天，这可能导致了矿工的强烈投降阶段，这种情况很少见。这是减半事件淘汰弱矿工的结果。此外，矿工的平均成本已飙升至每 BTC 75,000 美元以上，而现货价格已跌破 67,000 美元。因此，这可能迫使他们放弃余额，而余额已达到过去 6 至 8 个月以来的最低水平。

As per the data from Glassnode, the Bitcoin miner balance has been hitting multiyear lows as sell-offs increased after the recent Bitcoin halving in April 2024. According to the data from Glassnode, the balances have dropped from 1.84 million BTC in early 2023 to 1.8 million BTC by May 2024. This trend highlights miner’s need to cover operational expenses following reduced block rewards.

根据 Glassnode 的数据，随着 2024 年 4 月比特币减半后抛售的增加，比特币矿机余额已触及多年低点。根据 Glassnode 的数据，比特币矿机余额已从 2023 年初的 184 万 BTC 下降至 1.8到 2024 年 5 月，将增加 100 万比特币。这一趋势凸显了矿工在区块奖励减少后需要支付运营费用。

Therefore, it can be said that Bitcoin miners have played a significant role in the recent BTC price correction. They are assumed to have sold over 1200 BTC—nearly $80 million—which has been preventing the rally from surpassing the crucial resistance at $71,800. Fortunately, this capitulation phase is nearing its end, which may begin a fresh bullish phase. Still, the question remains the same, whether the Bitcoin (BTC) price managed to form a new ATH at $75,000 or not?

因此，可以说，比特币矿商在近期BTC价格回调中发挥了不小的作用。据推测，他们已售出超过 1200 个 BTC（近 8000 万美元），这阻碍了反弹突破 71,800 美元的关键阻力位。幸运的是，这个投降阶段即将结束，这可能会开始新的看涨阶段。尽管如此，问题仍然是一样的，比特币 (BTC) 价格是否能够在 75,000 美元处形成新的 ATH？

Also Read : Altcoin Season Is Intact, Here’s a List of Top Three Coins to Stack for 10X Gains

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