Bitcoin Drops Below $77K as Miner Relief Fades

Bitcoin's price slipped below $77,000 on Sunday after earlier gains pushed it as high as $77,468. The cryptocurrency traded at $76,536, down 0.8% over 24 hours.

The price recovery has provided relief to miners, with Bitcoin's hashprice climbing 20.4% over four days to $38.29 per petahash per second on Saturday from $31.80 on August 18.

Miners had earned $682.69 million from block subsidies and transaction fees in August through Saturday, with only $5.14 million coming from fees.

Grayscale's Head of Research Zach Pandl said three factors may support long-term buyers: continued adoption, the maturity of the current bear market, and a broadly supportive macroeconomic outlook.