Prominent on-chain analyst Willy Wu has suggested that Bitcoin miners should surrender before the start of a new rebound for BTC. He advises their followers on the social media platform Twitter to monitor the compression of Bitcoin’s hash rate when deciding when to buy and hold BTC.
“I know it’s frustrating, but Bitcoin won’t reach a new all-time high until we encounter more resistance. However, miner sell-offs are a positive signal as they often lead to significant rebounds,” Wu explained.
According to the analysis firm LookIntoBitcoin, the hash ribbons of Bitcoin, designed to identify periods when Bitcoin miners are under pressure and likely to sell off, indicate this.
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Wu emphasizes that Bitcoin’s price will continue to face pressure until there is an increase in mining activity. At the time of writing, Bitcoin’s trading price is $64,600. The leading cryptocurrency experienced a drop of over 3% last week.