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Analysis

BTC, miner capitulation still ongoing...next support at $47,000

On-chain analyst Willy Woo told X: "Bitcoin miner capture (capitulation) has occurred every time since the halving, and hashrate has yet to recover. Until the Hash Ribbon data recovers, this is a good buying opportunity." "The German government sell-off has created FUD (fear, uncertainty, and...

BTC, miner capitulation still ongoing...next support at $47,000

On-chain analyst Willy Woo told X: "Bitcoin miner capture (capitulation) has occurred every time since the halving, and hashrate has yet to recover. Until the Hash Ribbon data recovers, this is a good buying opportunity." "The German government sell-off has created FUD (fear, uncertainty, and doubt). The market speculates that the German government is moving volume to the OTC desk, which will reduce but not negate the selling pressure. The German government redeemed 39,800 BTC and another 139,000 BTC remains in the Mt. Gox redemption. On a positive note, BTC spot ETFs continue to see net inflows. The futures market data is not yet clear on the direction, but if the decline continues, BTC's next support in the data is $47,000. If you are using leverage, you should wait for the hashrate to rebound," he added. On CoinMarketCap, BTC is trading up 1.48% to $56,682.23.

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