The cryptocurrency market has been experiencing a sharp decline, with major altcoins breaking through critical support levels. Despite increased investment in Bitcoin ETFs, intense selling pressure has gripped the market. But what's driving this sudden sell-off?

As Bitcoin's price soared past $71,000, hopes of a new high were dashed by a sudden reversal. The price drop sparked a wave of selling, leading many to predict a further fall below $60,000. While institutions have been buying Bitcoin in record numbers, miners have been quietly offloading their assets.

According to Glassnode data, miners' Bitcoin balances have been steadily decreasing, reaching their lowest levels in years. Recently, they sold over 1,200 BTC (approximately $80 million), significantly contributing to the price correction. This sell-off has prevented the price from breaking through the critical resistance at $71,800.

The reason behind this sell-off lies in the increasing cost of mining, which has risen above $75,000 per BTC, while the spot price has fallen below $67,000. This disparity has forced miners to sell their assets to cover operational costs, especially after the block reward halving in April 2024.

Fortunately, this sell-off appears to be nearing its end, paving the way for a potential new upswing. However, it remains to be seen whether Bitcoin can overcome the current resistance and reach new heights. The market's reaction in the coming days will be crucial in determining the next direction of Bitcoin's price.

In conclusion, the recent sell-off by miners has significantly impacted the market, contributing to the price drop. As this phase comes to an end, the market eagerly awaits to see if Bitcoin can regain its momentum and reach new highs.