- Shares of Bitcoin miners have recently risen.
- BTC has fallen below its support line.
The market capitalization of US-listed Bitcoin [BTC] According to a recent report, the number of miners has risen to a significant high. Despite these miners’ rising stock prices, their revenues and reserves have fallen in recent days.
Bitcoin Mining Stocks Rise in Capitalization
The market capitalization of bitcoin miners listed on US exchanges reached a record high of $22.8 billion on June 15, according to JPMorgan analysts.
In the first half of June, the 14 US-listed Bitcoin mining stocks rose, with Core Scientific, TeraWulf and IREN leading the way with gains of 117%, 80% and 70% respectively, as noted by JPMorgan analysts Reginald Smith. and Charles Pearce.
Bitcoin miners are seeing a drop in reserves and revenue
from Glassnode Analysis shows that Bitcoin miner balances have been steadily declining in recent weeks. Currently, the reserve stands at approximately 1.8 million BTC, a level last seen in 2021 and marking a low not seen in more than three years.
This decline suggests that the volume of BTC held by miner addresses is shrinking, indicating an ongoing sell-off of these addresses.
Furthermore, an analysis of BTC miner revenues points to a downward trend in recent weeks.
Currently, turnover is around 512 BTC, a significant drop from the 1,000+ BTC seen earlier this year.
WWhile the recent halving has contributed to this decline, there has also been an overall decline in revenues overall.
Source: Glassnode
Bitcoin falls out of support
An analysis of Bitcoin on a daily timeframe revealed a 2% drop on June 18, bringing the price to around $65,152.
Initially, the support level, indicated by the short moving average (yellow line), was around $66,000. However, the price drop pushed the price below this support level, which has now turned into resistance.
Source: TradingView
Read Bitcoin (BTC) price prediction 2024-25
At the time of writing, Bitcoin was trading at around $65,121 and failed to break the new resistance level. The stochastic indicator confirms the current negative trend and continues its downward trend.
Moreover, a closer examination of the indicator points to the possibility of another significant price shift soon.