Bitcoin Hash Rate Drops Amid U.S. Winter Storm
- Hash Rate Decline: The U.S. winter storm caused a 15-25% drop in Bitcoin's hash rate, primarily affecting mining operations in Texas and Pennsylvania, highlighting the direct impact of extreme weather on mining activities.
- Block Production Delays: The reduction in hash rate led to block production times exceeding 12 minutes, demonstrating the storm's effect on mining efficiency; however, market reactions remained steady, indicating Bitcoin's price resilience.
- Market Stability: Despite curtailed mining activities, Bitcoin prices remained relatively stable, underscoring market resilience amid environmental disruptions, with a projected 5% decrease in mining difficulty at the next recalibration.
- Energy Infrastructure Risks: This incident highlighted vulnerabilities in the energy grid under adverse weather conditions, with industry experts noting that, similar to the 2021 China mining ban, the storm's impact on U.S. mining emphasizes the need for reliable energy infrastructure in the future.
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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 3 technical signals, shows that 0 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 crypto.
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 | 57346.537 | 61173.268 | 64372.627 | 68199.358 | 71398.717 | 75225.448 | 78424.807 |
| Fibonacci | 61173.268 | 63857.235 | 65515.392 | 68199.358 | 70883.325 | 72541.482 | 75225.448 |
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