The sell-off came as mining difficulty dropped 2.4% to 135 trillion, while network hashrate climbed back from roughly 978 exahashes per second to 992 EH/s this month, according to data from Glassnode.
When producers sell at record pace during a difficulty drop, it points to one thing: tight margins. The economics of mining haven’t recovered the way the price chart might suggest, and any sustained move above $80,000 would have to absorb continued selling from that same group.
The broader market moved in the same direction. The MSCI All Country World Index added 0.1% after pausing on Monday, with Asian equities leading the charge and the regional tech index gaining 2.38%.
A Deadline That Markets Can’t IgnoreBitcoin has lagged equities throughout this stretch. The MSCI ACWI has been on an 11-day rally that stumbled only once since de-escalation began. Bitcoin, by contrast, spent that same period crawling back from below $75,000 to just above $76,000.
ETF Demand Holds The FloorResearch firm Kaiko said a clean break above $76,000 would open a path toward $85,000. Analysts at K33 flagged that same level as a potential short squeeze trigger. On the downside, a slide back below $75,000 — if Wednesday’s deadline passes without a deal — remains the key risk traders are watching.
Bitcoin’s ceasefire rally gave the alpha crypto a lift. The miners are using it to sell. Until that changes, the rebound has a floor but no clear roof.
Featured image from Unsplash, chart from TradingView
