New BTC miner capitulation? 5 things to know in Bitcoin this week
Bitcoin miners face a shakeout, one metric warns as the November monthly close looms for BTC. Bitcoin (BTC) prepares to exit a grim November just above $16,000 — what could be on the menu for BTC price this week? In a time of what analyst Willy Woo has called “unprecedented deleveraging,” Bitcoin is far from out of the woods after losing over 20% this month. The impact of the FTX implosion remains unknown, and warning signs continue to flow in even after the first wave of crypto business bankruptcies. In particular this week, eyes are on miner s, who are seeing profits squeezed by falling spot prices and surging hash rates. Upheaval is in the air, and should another “capitulation” among miners occur, the entire ecosystem could be in for a further shock. As “max pain” looms for the average hodler, Cointelegraph takes a look at some of the main factors affecting BTC/USD in the short term. Bitcoin miners due “capitulation” — Analyst Like others, Bitcoin miners are seeing a major squeeze ...