Bitcoin's recent price dip below $65,000 has sparked debate among analysts, with some attributing the decline to selling pressure from miners. Data shows that miners have sold over 30,000 BTC since October, marking the longest distribution phase since 2017. The ongoing miner profitability crisis, known as miner capitulation, has raised concerns about the market's potential for further upside.

Some analysts view the current situation as a "top indicator for crypto," while others believe that the BTC price will continue to be "punished" until the hashrate improves. Despite this, research suggests that the majority of Bitcoin holders remain in a profitable position, with over 87% of the circulating supply held in profit.

The market structure is currently dominated by long-term holders, forming a solid price support base. However, fear among holders persists, and data shows that BTC holders experienced the biggest 3-day drop in non-empty wallets, coinciding with the recent price slide. This could encourage traders to liquidate their holdings, adding to the selling pressure in the market.

In conclusion, Bitcoin's struggle to maintain its footing above $65,000 is a complex issue, with various factors contributing to the current market dynamics. While some analysts are bearish, others see potential for further upside. As the market continues to evolve, it is essential to approach investing in Bitcoin with caution and a deep understanding of its complexities.

The ongoing miner capitulation has sparked debate among analysts, with some viewing it as a market top indicator and others seeing it as a potential buy signal. The selling pressure from miners has added to the headwinds faced by the world's largest cryptocurrency, but research suggests that the majority of Bitcoin holders remain profitable. As the market continues to navigate the challenges of miner capitulation, it is essential to consider the potential implications for Bitcoin's price and the broader cryptocurrency market.