BTCUSD course forecast from 6 to 12 June

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The fall in Bitcoin’s price affects the profitability of BTC miners, and many of them can sell their BTC immediately after mining to pay for operating expenses. The miners who openly announced their sales include: include:

Core Scientific, The world’s largest BTC miner in hash, which has already sold part of the BTC mined this year and plans to continue to do this. Company Riot Blockchain, previously confirmed as a long -term holder, also sold almost half of the BTC mined in April after.

Buyers absorb all BTC reserves that miners sell quite well. Despite the fact that before the resumption of the bull market can pass for many months, buyers continue to absorb BTC reserves.

Company Cathedra Bitcoin In the statement of May 30, she reported that within a month she sold 235 BTC to increase liquidity and “insure” herself from further falling prices. The company also had a heavy April, throughout the month it worked 45% of the expected hashrate due to the storms that affected its site in North Dakota.

Since the cost of electricity continues to grow, and the price of BTC remains low, some miners may be forced to stop their activities, since the BTC obtained is not able to pay for the work. Over time, this may affect the BTC hashrate. In a nutshell, the situation revealed by BTC miners is not a “bull”.

Another BTC buyer on the reserve was the Canadian fund Purpose BTC ETF. ETF continued to increase BTC in June, and the total amount of assets reached a historical maximum of 43,700 BTC.

Since the struggle between bulls and bears continues, it would be nice to analyze the SOPR of long -term holders, which shows the profitability of BTC sellers. The current pricing weakness led to the fact that some LP began to be sold with losses, which is historically a good indicator for determining whether there was a period of good long -term purchase. The SOPR level below 0.8 is usually considered as a good entry point, while the SOPR level of about 0.5 signals the bottom. As can be seen from the diagram, the current SOPR has just begun to drop below 0.9 and it seems to be moving below. Thus, this may mean that the best inputs will be over the next year, since SOPR has experience in the “attractive” zone within one year after falling into this zone.

This material is not a financial advice and brings only familiarization information.

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