{"id":455557,"date":"2022-05-31T17:15:51","date_gmt":"2022-05-31T14:15:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-drops-1-5-on-us-market-open-amid-warning-miners-may-capitulate-in-months\/"},"modified":"2022-05-31T17:15:51","modified_gmt":"2022-05-31T14:15:51","slug":"bitcoin-drops-1-5-on-us-market-open-amid-warning-miners-may-capitulate-in-months","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-drops-1-5-on-us-market-open-amid-warning-miners-may-capitulate-in-months\/","title":{"rendered":"# Bitcoin drops 1.5% on US market open amid warning miners may &#8216;capitulate&#8217; in months"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e70eb90856\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e70eb90856\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-drops-1-5-on-us-market-open-amid-warning-miners-may-capitulate-in-months\/#%E2%80%9D_Bitcoin_drops_15_on_US_market_open_amid_warning_miners_may_%E2%80%98capitulate_in_months_%E2%80%9C\" >&#8221; Bitcoin drops 1.5% on US market open amid warning miners may &#8216;capitulate&#8217; in months &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-drops-1-5-on-us-market-open-amid-warning-miners-may-capitulate-in-months\/#Stocks_take_BTC_price_south_again\" >Stocks take BTC price south again<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-drops-1-5-on-us-market-open-amid-warning-miners-may-capitulate-in-months\/#%E2%80%9CNo_trend%E2%80%9D_of_distribution_by_miners\" >&#8220;No trend&#8221; of distribution by miners<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_drops_15_on_US_market_open_amid_warning_miners_may_%E2%80%98capitulate_in_months_%E2%80%9C\"><\/span>&#8221; Bitcoin drops 1.5% on US market open amid warning miners may &#8216;capitulate&#8217; in months &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) fell in line with United States equities on May 31 as the return of Wall Street began with a whimper.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/738693e5-5570-4643-a11a-ad2ac4052ee2.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Stocks_take_BTC_price_south_again\"><\/span>Stocks take BTC price south again<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD returning to near $31,000 at the start of trading after markets returned from a public holiday.<\/p>\n<p>The move reflected those of stocks indices, with the S&amp;P 500 losing 1.1% at the open and the Nasdaq Composite Index trading down 1%.<\/p>\n<p>With volatility in evidence, preexisting suspicions over the staying power of Bitcoin&#8217;s recent rise remained vocal among <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> commentators.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I still think the rise in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> price is fake. It is clear that we do not know how high it will rise. But I have no doubt that it is pumped&#8230;<br \/>We can see a very negative delta on the daily time frame as well as imbalances in favor of sellers in the aggressive seller zone&#8230; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/kcvffm9IFj\">pic.twitter.com\/kcvffm9IFj<\/a><\/p>\n<p>\u2014 M_Ernest_\u200b\u20bf (@M_Ernest_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/M_Ernest_\/status\/1531607544355082240?ref_src=twsrc%5Etfw\">May 31, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;It is not unlikely that equities will give away some of their gains from last week,&#8221; analyst Jan Wuesterfeld wrote in the latest edition of his <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.getrevue.co\/profile\/bitcoinmarketintelligence\/issues\/bitcoin-market-intelligence-issue-5-1183438\">Bitcoin Market Intelligence<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter on the day. <\/p>\n<blockquote><p>&#8220;In my mind, if that h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, bitcoin will probably also give away some of the gains made over the weekend and on Monday (reconnection in this case).&#8221;<\/p><\/blockquote>\n<p>Others focused on uninspiring long-term price signals. Kevin Svenson, a contributing analyst to on-chain analytics platform CryptoQuant, highlighted Bitcoin&#8217;s 20-month exponential moving average (EMA) as a source of possible future contention.<\/p>\n<p>&#8220;In previous cycles, Bitcoin spent 6 -&gt; 13 months below the 20m\/EMA after breaking down below it. We currently just experienced our first month below the 20m\/EMA,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/KevinSvenson_\/status\/1531315773406334976\">explained<\/a>. <\/p>\n<blockquote><p>&#8220;If human emotion repeats, then we will be below the 20m\/EMA until (at least) November 2022 &#8230; and 13m&#8217;s is May 2023.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/40ac9837-5446-49a5-8b04-3ae1ab2fe76a.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-month candle chart (Bitstamp) with 20EMA. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CNo_trend%E2%80%9D_of_distribution_by_miners\"><\/span>&#8220;No trend&#8221; of distribution by miners<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A potential silver lining for Bitcoin came in the form of miner behavior.<\/p>\n<p><strong><em>Related: \u2018Mega bullish signal\u2019 or \u2018real breakdown?\u2019 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Amid <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/venturefounder\/status\/1531414327051309057\">warnings<\/a> that miners&#8217; cost price is now above spot, creating the threat of capitulation similar to the bottom of the 2018 bear market, data suggested that panic had not yet set in.<\/p>\n<p>&#8220;Bitcoin miners are regarded as smart money and speculators in the BTC markets,&#8221; fellow CryptoQuant contributor and analyst Venturefounder wrote in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/629553a0a7016d05bf873325\">bulletin<\/a> on the day. <\/p>\n<blockquote><p>&#8220;As BTC price recovers, Bitcoin miners have not shown any trend of net distribution, in fact, the net accumulation trend which started in July 2021 continues.&#8221;\u00a0<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/77c5c821-9bab-4896-837b-ec97f922f661.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner BTC reserves annotated chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>An <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/prochart\/htPaAifLMF1nJ0N\">accompanying chart<\/a> showed that miners had increased their BTC reserves in the second half of May, in particular.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-drops-1-5-on-us-market-open-amid-warning-miners-may-capitulate-in-months\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin drops 1.5% on US market open amid warning miners may &#8216;capitulate&#8217; in months &#8220; Bitcoin (BTC) fell in line with United States equities on May 31 as the return of Wall Street began with a whimper. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Stocks take BTC price south again Data from Cointelegraph Markets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":455558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZTZjYzEyNTUtY2UzNi00NDAwLWJmMWItNzhkNzdjYWIzMmJiLmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,73785],"class_list":["post-455557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=455557"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/455558"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=455557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=455557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=455557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}