Market analysts predict that the next move of crypto king Bitcoin (BTC) will break through the $18,000 price zone after successfully surpassing the $17,000 level so far.
But it should also be remembered that BTC is still in a flat state following the increasing mining capitulation* factor.
*The presence of miners in the network to generate profit through mining
Please be informed that the increase in the price of digital assets saw an increase after the Chairman of the Federal Reserve (Fed) of the United States (US) Jerome Powell intends to reduce the increase in interest rates in the near term.
However, most miners are reported to still sell their BTC holdings following the issue that mining requires high costs and not forgetting that the crypto market is currently still in a bearish state.
The proof is that the highest production of flow value through wallet miners was in November with the sale of over 6,000 BTC last week while Miner Pooling sold 10,050 BTC to crypto exchange Coinbene.
Next, BTC miners* reserve has shrunk by 13,000 in the past few months reaching a 14-month low of 1 million BTC while the BTC hash rate has also declined as mining activity has decreased.
*Indicator of the amount of BTC held in miners' pools and wallets
In the meantime, crypto analyst Michael van de Poppe previously also expected the price of BTC to break through $18,000 if the digital asset reaches the support level at $16,000.
