Bitcoin Miner Financial Stress Approaches Historical Critical Point, Price Trend May See a Turning Point

BroadChain has learned that at 05:00 on April 20, according to NewsBTC, based on an analysis released by the CryptoQuant platform on April 18, the "Miner Financial Health Index" (7-day moving average), which measures the short-term financial condition of Bitcoin miners, has currently risen to 27.7%, approaching the historically critical threshold of 20%. This index integrates four core factors: hash price, block profit, fee share, and total revenue. Historical data shows that during the market cycles of 2019, 2020, and 2022-2023, the index consistently remaining above the 20% level typically coincides with the end of the miner "capitulation phase," where weaker miners are forced to exit the market. Analyst MorenoDV pointed out that although the current index indicates miners are under pressure, its reading is already above the critical threshold and continues to rise. This often suggests that the "forced selling phase" may be being absorbed by the market, which is usually a signal of exhausted bearish momentum and market bottoming. If the index confirms entry into a recovery transition period, it may indicate that Bitcoin prices are expected to stabilize and rebound. As of press time, Bitcoin is trading at $75,829, down nearly 2% in the past 24 hours.