# 矿工

In 2021, Bitcoin prices were about Long the same as they are now, but the Hash Rate of Bitcoin has tripled compared to then, which shows that it takes more Long cost and effort to get the same amount of Bitcoin. Miners are very confident and invested in Bitcoin, and they still actively participate in mining and use more advanced equipment in the face of higher energy consumption and competition, which shows that Bitcoin fundamentals are very strong. The reduced supply of long-term holders indicates that we are at the beginning of a Bull Market, and when this supply is fully absorbed, the price

In terms of the liquidation map, due to the large number of short positions in Bitcoin, which was liquidated in large numbers after the Argentine election stimulated the price increase, the short peak on the right has become very short, and if the Bitcoin price tests $38,000 again, the bears will suffer even greater losses. On the liquidation heat map, a lot of power has been gathered around the $35,600 area, the yellow line is bright, and there will be a huge liquidation strength here, and it seems that Bitcoin will be difficult to test this price level in the short term.
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On the chart is 70% of the supply that has not been traded over the past year, updating new all-time highs. If you look closely, except for the bottom blue line (the group that has held Bitcoin for more than five years and has not moved), at the peak of the price of the bull market, the remaining red, yellow and green lines correspond to the one-year, two-year, and three-year Bitcoin group, which is a reference indicator for the peak price of the bull market. There is also good news for Bitcoin miners, with mining revenues increasing and even hitting their second high of the year a few days ag

When leverage decreases, debt decreases, price adjustments, liquidations increase, price volatility also increases, which is an important step needed for a healthy upswing. Reliability of on-chain metrics: As the BTC NUPL indicator moves from optimism to belief territory, there could be a price correction of around 25%, although not that big this time. The halving may be preceded by a shuffle, and there may be a larger one in the next 4 months. The sell-off by miners in November was large and the selling trend has continued, but market buying has been strong and BTC miners have been selling si