Capitulating Miners Before the Halving Is Bullish for Bitcoin

Capitulating Miners Before the Halving Is Bullish for Bitcoin

Bitcoin’s mining difficulty suddenly dropped. The move down indicates that inefficient miners are going out of business. The capitulation of weak miners is long-term bullish for the dominant cryptocurrency. Bitcoin’s slow descent from the 2019 high of $13,880 to its current level of $8,130 is starting to put weak miners out of business.