Capitulation of a new BTC miner? 5 things to know about Bitcoin this week

Bitcoin miners face upheaval, metric warns as November monthly close looms for BTC.

Bitcoin (BTC) is gearing up to emerge from a dismal November just above $16,000 - what could be on the menu for BTC price this week?

At a time of what analyst Willy Woo called "unprecedented deleveraging," Bitcoin is far from off the hook after losing more than 20% this month.

The impact of the FTX implosion remains unknown, and the warning signs continue to pour in even after the first wave of crypto firm bankruptcies.

Especially this week, eyes are on miners, who are seeing their profits squeezed by falling spot prices and soaring hash rates.

Upheaval is in the air, and if another "surrender" among miners occurs, the entire ecosystem could suffer another shock.

As “peak pain” looms for the average hodler, Cointelegraph takes a look at some of the key factors affecting BTC/USD in the near term.

Like others, Bitcoin miners are under significant pressure when it comes to selling the accumulated BTC at a profit.

Exactly how financially distressed the average miner is remains to be seen, but a classic metric is preparing to call "surrender" once again.

A few months after the last such period, Hash Ribbons warns that conditions are once again becoming unsustainable.

Hash Ribbons uses two moving averages of the hash rate to infer conclusions about miner participation in the Bitcoin network. Crossings of trend lines indicate capitulation and recovery phases.

For Kripto Mevismi, contributor to the on-chain analysis platform CryptoQuant, the time is approaching for the first to reappear.

“So right now the difficulty of bitcoin is really high for miners, which means the costs are going up and doing business in this type of environment is getting harder,” he said.