Bitcoin Miner Capitulation Almost Over: What It Means For Price
Summary
Bitcoin mining revenue is approaching its yearly average, indicating potential relief for miners. Analysts use on-chain data to assess miner conditions, focusing on total revenue from block subsidies and transaction fees. Revenue surged alongside price rally and increased network activity, driven by a new technology called Runes. However, revenue sharply dropped after the ATH due to the fourth Halving event, leading to miner pressure and capitulation. The recent recovery in miner revenue suggests that capitulation may be ending, with potential for Bitcoin to trend higher if it reclaims the 365-day SMA. Bitcoin's price is currently around $66,200.
