Bitcoin's price is under pressure as miners are moving more Bitcoin to spot exchanges, likely to cover costs after the halving event. Despite a 2% increase to over $63,300 following the launch of spot Bitcoin ETFs in Hong Kong, recent data shows miners selling off their BTC holdings.

Reports from Cryptoquant, an on-chain analytics platform, highlight a significant transfer of BTC from miners to spot exchanges, suggesting a potential market imbalance due to the surge in Bitcoin movement.

It was expected that miners would sell their BTC to cover operational expenses post-halving, given the reduced revenue despite stable prices. Miners, essential for network validation, incur costs for electricity, hardware, and more, receiving Bitcoin rewards in return.

While prolonged negative profitability for miners could impact Bitcoin's price, experts advise against immediate concern, recommending ongoing monitoring to assess long-term effects.

Macro factors, including the launch of Hong Kong Bitcoin ETFs and upcoming US economic events like the Federal Reserve's interest rate decision and April unemployment rate release, are influencing BTC price movements.

Expectations of unchanged interest rates and reduced rate cut forecasts have tempered concerns, with higher US interest rates recently affecting Bitcoin negatively. Strong data from the PCE price index added pressure to crypto markets, impacting Bitcoin amidst inflation concerns.