Bitcoin miners are facing a “The Purge”-like event
With the Bitcoin halving behind us, we are now starting to see the first effects of the reduced mining rewards on Bitcoin miners. Miners that are struggling to keep afloat have most likely already sold all of their assets, while the well-off’s are keeping their Bitcoin close to heart, until the market changes in their direction.
Without the downward selling pressure of Bitcoin miners, there’s nothing to stop the price from growing upward as far as demand takes it. Until miners start selling their BTC again, the supply is limited to what is already available in the market.