Bitcoin Hashrate Drops 8%, Impacting Market Sentiment
- Hashrate Decline: Bitcoin's network power dropped nearly 8% between December 14 and 15, approximately 100 EH/s, resulting in a total hashrate of 988.49 EH/s, indicating increased market concerns over mining inspections in China, which weakened network activity.
- Shutdown of Mining Farms: Jack Kong, founder of Nano Labs, attributed the decline primarily to the shutdown of mining farms in Xinjiang, with experts claiming authorities disconnected or seized between 200,000 and 400,000 ASIC miners, exacerbating uncertainty among miners.
- Market Reaction: Although reports suggested a revival of Bitcoin mining activity in China by late 2024, the recent hashrate drop may prove temporary, reflecting China's ongoing influence on Bitcoin mining stability and market sentiment.
- Electricity Consumption: The electricity surplus in Xinjiang makes Bitcoin mining a viable solution despite regulatory pressures, as low electricity prices continue to attract miners, highlighting the region's significance in the global hashrate landscape.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36455.626 | 48227.813 | 61191.376 | 72963.563 | 85927.126 | 97699.313 | 110662.876 |
| Fibonacci | 48227.813 | 57676.87 | 63514.507 | 72963.563 | 82412.62 | 88250.257 | 97699.313 |
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