Prominent on-chain analyst Willy Wu suggests that Bitcoin miners should surrender before BTC begins its new round of rebound. He advises their followers on social media platform X (Twitter) to monitor the compression of Bitcoin’s computing power when deciding when to buy and hold BTC.
“I know this is frustrating, but Bitcoin won’t hit a new all-time high until we encounter more resistance. However, miner sell-offs are a positive sign as they often lead to significant rebounds after the end,” explained Wu.
Based on the hash ribbon indicator from analysis firm LookIntoBitcoin, which aims to identify periods when Bitcoin miners are under pressure and likely to sell.
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Wu emphasizes that Bitcoin’s price will continue to bear pressure until there is an increase in mining activity.
At the time of writing, the Bitcoin trading price is $64,600. The leading cryptocurrency dropped over 3% last week.
