One of the reasons bitcoin is holding up is because miners are no longer selling

While having publicly traded miners may not sound like a big deal to spot markets, it actually is a very big deal.

There is a handful of very large publicly traded bitcoin miners now and they simply don't sell the bitcoin they mine.

They cover operating expenses via traditional capital markets.

The end result is significantly less sell pressure on bitcoin than there once was:

(Source: https://twitter.com/BTC_Archive/status/1506597774615363587/photo/1)

There is also a very deep and robust futures and options market that helps miners hedge their out their costs instead of having to selling their tokens on a weekly basis.

I suspect this trend is only going to get better and better and bitcoin is going to have less and less overhead selling pressure.