As its price fell in late August, bitcoin [BTC] was a difficult time. But September has brought some brighter days, as the cryptocurrency hasn’t seen much downside in the past seven days of performance.
The cryptocurrency market is anticipating an Ethereum merger, but it looks like Bitcoin is having trouble gaining traction.
BTC has been swinging back and forth over the past few days around the $20,000 level, raising doubts about the possibility of a short-term Bitcoin bottom.
Crypto researcher Ali Martinez noted in a tweet on Friday that, according to information from CryptoQuant, bitcoin miners have sold approximately 4,586 BTC in just three days.
According to on-chain data from @Cryptoquant.com, the tweet states that around 4,586 BTC have been sold by bitcoin miners in the past 72 hours.
Worst case still for bitcoin?
Notably, Martinez’s tweet was sent just after Bitcoin Magazine announced on Monday that the mining difficulty has increased by 9.26 percent, making it the second highest. Large public miners have increased production as a result of long-term development plans.
Although bitcoin’s difficulty has risen sharply, mining profitability has also been affected, dropping by 17% over the past 30 days. As a result, in order to increase their liquidity, miners are forced to sell their mining rewards.
Miners began selling in large numbers in June, when Arcane Research reported that profits were down 80% from their peak in November. Crypto Basic said that throughout the time, Bitfarms sold 3000 BTC.
It is important to note that increasing selling pressure from miners could result in a further drop in the price of bitcoin. Ahead of the start of a bull cycle, mysterious research predicted that bitcoin could go as low as $10,350.