Bitcoin continues weak attempts to recover

Price fluctuations of the most popular cryptocurrency continue: bitcoin has again lost the threshold level of $21 thousand.

After yesterday's morning peak at over $21,500, bitcoin hit a low on Tuesday morning at $20,500, falling by 4.65%. The current BTC quote is $20,582.

Bitcoin has been trading in uncertainty for about a week, fluctuating in the plus and minus from the $20,500 level. At the same time, analysts note that the «bearish» trend is still very strong.

Experts attribute this decline in the cryptocurrency market mainly to the massive withdrawal of investors from risk amid high inflation and the possible onset of a recession. However, analysts identify another specific reason for the fall of bitcoin – mining companies that are engaged in bitcoin mining, support the «bearish» trend. 

In particular, the need for miners to sell BTC may also affect the price of this token. Publicly traded bitcoin mining companies, which account for about 20% of their total, reported BTC sales in May and June to increase cash volume and cover their expenses. It is noted that private mining companies may have sold even more of their mining revenue to cover current expenses.