Bitcoin’s Most Important Metric Flashes Warning As Bulls Fight To Hold $60K
Bitcoin is under renewed selling pressure after a 16% drop, and mining data now suggests the weakness is real but not yet extreme. The 30-day moving average of hashrate has turned down with price, signaling miner stress rather than noise. Historically, hashrate contractions have often appeared near cycle bottoms, including the 2018 bear market and the 2021 China mining ban, when inefficient miners capitulated and the network later recovered. Current declines are modest by comparison: hashrate is down about 6.6% over seven days and 3.0% over 30 days. Difficulty is still rising, up 4.9% over 30 days, which squeezes miner margins further. Even so, miner reserves are nearly flat, showing miners are mostly holding rather than selling aggressively. That means the market is seeing margin pressure, but not full capitulation. A deeper hashrate drop toward 10% to 40% would be a more serious historical warning sign.
