Bitcoin continues to decline due to miner pressure

While Bitcoin continued its downward trend in June, it started the new week with a sell-off and fell to the $62,300 band.

The recent selling pressure in Bitcoin is attributed to Bitcoin sales by crypto mining companies whose revenues have plummeted. Reports show that miners have sold more than $2 billion worth of Bitcoin this month.

Miner sales continue to pressure Bitcoin
After the reward halving took place on the Bitcoin network in April, cryptocurrency miners saw their income reduced by half. In this environment where most miners had to stop their activities, mining companies accelerated their BTC sales to cover their costs until the balance was re-established. This is seen as the biggest factor in the downward trend in Bitcoin price.
Due to many miners stopping their activities, there are sharp decreases in the Bitcoin difficulty rate. The latest Bitcoin hash amount decreased from 88 trillion to 83 trillion. Despite the decrease in difficulty level, miners began to report record low revenues in the last two months due to the impact of the halving. It was reported that mining revenues decreased from an average of $107 million per day before the reward halving to $30 million.