Hello everyone, as we all know the market action discounts everything :)
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Bitcoin fell below $42,000 Thursday night and again Friday morning, extending a decline that began Wednesday afternoon.
The sharp reductions this week have come in response to a poor December jobs data and the release of minutes from the Federal Reserve Board's December meeting, which signaled a winding down of efforts to support what it regarded as a steadily improving economy. there was also a big sell-off in Bitcoin futures.
Bitcoin has hovered between $41,000 and $50,000 in the days since nearly reaching $52,000 on December 27. So far this week, it has been between $41,000 and $48,000.
Also Kazakhstan presently accounts for approximately 18.1 percent of the Bitcoin network mining hash rate, however this figure may shortly fall. Miners have been dealing with a cash flow difficulty in addition to the aforementioned difficulties. To cover the high fixed expenses of operating, miners and mining pools are obliged to sell the produced Bitcoin. This is due to the fact that such expenses must be paid in fiat currency.
Miners make a major percentage of their money by holding mined Bitcoin and selling it at higher prices. However, the mechanism of selling to cover expenses may be squeezing out a considerable portion of the earnings that these enterprises could have generated.
The United States is one of the countries that appears to be a good option for miners right now. The United States is now the greatest Bitcoin mining hub, with a hash rate of approximately 35.1 percent, and this is likely to expand. Several reasons have contributed to an increase in Bitcoin mining in the United States. The first is a plentiful supply of renewable and steady energy.
More miners migrating to the United States may benefit Bitcoin in the long run by making mining operations more environmentally friendly and sustainable.
Market direction will depend on the Fed meeting about increasing interest rate or not yet !!
But key levels you wanna keep an eye on are :
1) 40529.53 Support
2) 37470.79 Support
3) 48208.90 Resistance
4) 52113.67 Resistance
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Bitcoin fell below $42,000 Thursday night and again Friday morning, extending a decline that began Wednesday afternoon.
The sharp reductions this week have come in response to a poor December jobs data and the release of minutes from the Federal Reserve Board's December meeting, which signaled a winding down of efforts to support what it regarded as a steadily improving economy. there was also a big sell-off in Bitcoin futures.
Bitcoin has hovered between $41,000 and $50,000 in the days since nearly reaching $52,000 on December 27. So far this week, it has been between $41,000 and $48,000.
Also Kazakhstan presently accounts for approximately 18.1 percent of the Bitcoin network mining hash rate, however this figure may shortly fall. Miners have been dealing with a cash flow difficulty in addition to the aforementioned difficulties. To cover the high fixed expenses of operating, miners and mining pools are obliged to sell the produced Bitcoin. This is due to the fact that such expenses must be paid in fiat currency.
Miners make a major percentage of their money by holding mined Bitcoin and selling it at higher prices. However, the mechanism of selling to cover expenses may be squeezing out a considerable portion of the earnings that these enterprises could have generated.
The United States is one of the countries that appears to be a good option for miners right now. The United States is now the greatest Bitcoin mining hub, with a hash rate of approximately 35.1 percent, and this is likely to expand. Several reasons have contributed to an increase in Bitcoin mining in the United States. The first is a plentiful supply of renewable and steady energy.
More miners migrating to the United States may benefit Bitcoin in the long run by making mining operations more environmentally friendly and sustainable.
Market direction will depend on the Fed meeting about increasing interest rate or not yet !!
But key levels you wanna keep an eye on are :
1) 40529.53 Support
2) 37470.79 Support
3) 48208.90 Resistance
4) 52113.67 Resistance
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.