Bitcoin's latest MPI upside highlighted the surging pressure on miners. However, it is not yet close to the red line where the market is considered to be overheated.
were facing. The claim is based on an analysis of Bitcoin’s miner position index . The same metric is used to indicate the level of pressure that miners are facing in terms of cost pressures.The latest MPI upside highlighted the surging pressure on miners. However, it is not yet close to the red line where the market is considered to be overheated. It is at that zone that miners feel the pressure to sell their coins to cover their operating costs.
One of the best examples is Bitcoin’s miner reserve metric which registered some downside since the last week of August. Furthermore, it was worth noting that the miner reserve outflows leveled out at the start of September.Note that Bitcoin miner reserves are still notably higher than they were at the lowest year-to-date levels in June. There is still a possibility that miners might be forced to sell if sell pressure continues.when there are bullish prospects.
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