Market analysis: Miners are not interested in the rise in BTC prices, and this wave of market is facing risks

According to analysts, BTC prices continue to rise, and after recovering short-term losses, prices remain bullish on the daily chart. However, miners are not interested in the rise in BTC prices, and the frenzy of miners this year is far less than any other price increase since 2017. In other words, if BTC prices continue to rise, miners will further miss the opportunity to expand their mining profits.

The rise in Bitcoin prices will encourage miners to invest more computing power in order to expand mining profits during the price recovery period. However, at present, miners have not actively increased computing power to cater to the rise in BTC prices. From the correlation performance of Bitcoin's market value recovery and computing power growth, the correlation between the two was still below 0 on December 23, with a value of only -0.17. It can be seen that the miners' active increase in computing power is not obvious. Although the correlation index has rebounded from a minimum of 0.658 to -0.17 since mid-August 2020, if the correlation rebounds to above 0, it will indicate that miners are actively increasing computing power.

Judging from the performance of miners, BTC's bull market is facing an important node. Continuing to rise may push up the frenzy of miners. From a numerical point of view, the growth of miners' computing power has limited correlation with the recovery of BTC's market value, which means that BTC's price still has a long way to go.

In terms of selling power, the selling volume of BTC on Coinbase exchange is higher than the buying volume again, which means that the rebound of BTC has once again pushed the gap to grow. In the short term, the adjustment rhythm of BTC has not changed.

On the exchange side, the number of BTC in the hot wallet of Binance Exchange rebounded quickly to a maximum of 24,670 BTC, and quickly recovered by 10,000 BTC in a short period of time (within 2 hours starting at 11:59 on December 23), indicating that the selling pressure has further increased to a high level. If the bulls do not make any trading moves at this time, then pay attention to the possibility of further retracement of BTC.

In terms of mainstream coins, XRP retreated to a minimum of $0.339 in the short term, while ETH's short-term price increase was limited, and it retreated twice despite a small increase. This shows that the turmoil of mainstream coins has not ended, and there are many risk factors that need to be paid attention to in the near future.