As anticipated BTC has fallen into bear zone, although I don't see much strength shown by the bears overall, the retail market FUD causing more gloom.
6000 is what I see as the last hope for any credibility (if at all), which also is Miners last resort as any less than $6k, it's no longer viable to mine BTC. Perhaps retail miners get hands on the latest Mining gear at cheaper prices and alternatives or seconds, this may see some confidence if retailers just plug and play mining to certain extent. I haven't expected 6k to be this soon as you notice on my charts though…
What's your thought?
6000 is what I see as the last hope for any credibility (if at all), which also is Miners last resort as any less than $6k, it's no longer viable to mine BTC. Perhaps retail miners get hands on the latest Mining gear at cheaper prices and alternatives or seconds, this may see some confidence if retailers just plug and play mining to certain extent. I haven't expected 6k to be this soon as you notice on my charts though…
What's your thought?
The global markets meltdown hasn't helped much today as the mood outside crypto is gloomy and may show up in the crypto world equally or worse, short of confidence.
We wait and watch as miners may set up bullish trades to pull themselves out, but the catch22 situation is when the vendors buy back their own stock and then hold for how long?