Bitcoin miners are facing immense financial pressure due to increasing operational costs, forcing them to sell more BTC even at lower prices. This has led to a surge in Bitcoin transactions to exchanges, intensifying selling pressure and making it difficult for the price to rebound.

CryptoQuant analyst IT Tech highlighted that as Bitcoin's price fell to $77,700, there was a noticeable uptick in miners moving BTC to exchanges. Miners, as forced sellers, have to offload their holdings to cover expenses, which affects liquidity and adds further pressure on the market. The continuous increase in mining costs suggests that many are struggling to maintain profitability.

Adding to the bearish sentiment, disappointment over the government’s decision not to add Bitcoin to its reserves and macroeconomic uncertainty due to tariffs are weighing on market confidence. With miners selling more BTC and demand failing to absorb the excess supply, Bitcoin’s price could decline further.

Analysts predict that Bitcoin may continue its downward trajectory, with expectations of a retracement toward the $70,000 range. Arthur Hayes recently suggested that Bitcoin could find a bottom around this level, noting that a 36% pullback from its all-time high of $110,000 is typical in a bull market.

While a price rebound remains possible if buyers step in to absorb the selling pressure, current market conditions indicate that further downside is more likely in the near term.