In the turbulent digital currency market, the price of Bitcoin has always been the focus of investors. Recently, the price of Bitcoin seems to have bottomed out at $6,500, which has triggered waves of heated discussions in the market. What is even more eye-catching is that there are rumors that miners are controlling the entire market, which can't help but make people worry and think.

The price of Bitcoin is not less than $6,500, which seems to be a stable signal in the digital currency market, but behind it is a struggle and game. As an important part of the market, miners' actions can often influence the trend of the market. Let's take a deep look at the story behind the bottoming of Bitcoin prices and the control of miners over the market.

First of all, the phenomenon of Bitcoin prices bottoming out at $6,500 is not accidental. In the past few months, the price of Bitcoin has been fluctuating and falling, and market confidence has been severely hit. Investors' emotions have also become fragile, and there is uncertainty about the future of the market. In this case, $6,500 seems to have become a psychological support level, and investors hope to be able to maintain confidence through this price and avoid further panic selling.

However, the market trend is often not only affected by investor sentiment, but also by the actions of miners. According to market analysts, in recent times, miners have begun to manipulate the market on a large scale, influencing price trends by selling bitcoin in a concentrated manner. This behavior has caused an uproar in the market, and some people are worried that the manipulation of miners will lead to increased imbalance and uncertainty in the market.

Behind the miners' control of the market, there may be more complex factors hidden. Some analysts pointed out that the reason why miners chose to manipulate the market at this moment may be because they are facing huge economic pressure. The rising cost of Bitcoin mining, while the income has not increased accordingly, has put miners in a dilemma. In order to maintain their own interests, they have to take some extreme measures to stabilize the market and ensure that their profits are not affected.

In the face of miners' control, the future of the market is full of variables and challenges. Investors need to remain vigilant and treat market fluctuations rationally, avoiding blind following and panic operations. At the same time, regulators should also strengthen market supervision, prevent market manipulation and improper behavior, and maintain market fairness and transparency.

In general, the price of Bitcoin has bottomed out at $6,500, and miners are controlling the market, which is an important phenomenon in the current digital currency market. Investors need to stay calm, analyze the market rationally, and make the right investment decisions. Regulatory authorities also need to strengthen supervision to ensure the stability and healthy development of the market order. Only in this way can the digital currency market usher in a more stable and sustainable development. I hope that the market situation will gradually subside, bringing more opportunities and gains to investors.

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Ahead of the block reward halving in 2020, Bitcoin miners are looking to regulate the market price of Bitcoin to maximize revenue.

Are miners controlling the market?

This is the conclusion of well-known trader Filb’s analysis of Bitcoin prices, as the BTC/USD price approaches $9,000 on July 17.

After wild swings, the largest cryptocurrency by market capitalization has experienced considerable downward pressure this week, and analysts remain divided over what factors are driving the market. However, Filb
Filb does not expect new lows for Bitcoin this year, as miners want to optimize their profitability as much as possible. He said that miners are firmly in control of Bitcoin’s price.

“As Satoshi Nakamoto himself correctly pointed out, the cost of goods may be guided by the cost of production. Why? Because miners will sell demand when revenue per unit > cost per unit. Similarly, they are reluctant to sell when revenue < cost,” he concluded in his analysis.

A ray of hope for the mining industry

According to Filb, the trading action in the medium term is most likely to come from miners selling their mined Bitcoin, with 12.5
BTC sell orders visible in the market (i.e. the current mining reward per block, which will drop to 6.25 BTC in May 2020).

He explained that miners are hedging future production while the existing marginal production costs remain low.

“I’ve been talking about these 12.5 BTC orders all the time in the bear market,” he said, “They disappeared in the bull market this year and returned at 13K.”

Filb believes that mining companies may have contracted the first half of their sales to create a new halving bubble, which will lead to a new supply shortage and the opportunity to maximize their possible unit revenue. Afterwards, they will defend the new production costs or double their previous profits at the $6,500 Bitcoin price level. He noted:

“$6,500 is the bottom line that miners can’t let you cross easily.”

As Cointelegraph reported, Bitcoin mining has transformed in 2019, from the lowest profit margins to better-than-expected performance across the industry and extensive plans to develop new equipment and new facilities.

Filb added that the low profitability of the mining industry has exhausted weak miners, while in recent weeks, the difficulty of mining has hit a record high, highlighting that the market will begin a new round of competition and growth in the Bitcoin network’s computing power.