Bitcoin Mining Difficulty Drops 10% Amid Miner Pressure
- Mining Difficulty Decline: Bitcoin's mining difficulty has dropped over 10% during the weekend, falling from nearly 138T to under 125T, indicating a reduction in the number of miners and reflecting increased pressure from overall market weakness.
- Historical Adjustment Impact: This adjustment marks the second-largest negative change this year, following an 11.16% drop in February, highlighting the growing challenges miners face in maintaining consistent block creation, which may lead to further reductions in mining activity.
- Hash Rate Continues to Fall: The Bitcoin hash rate has decreased to under 790 EH/s, significantly down from over 1.2 ZH/s a year ago, indicating that miners are shutting down their machines due to reduced revenue, exacerbating the network's vulnerability.
- Increased Miner Pressure: Analysts describe miners as being in a “stress zone,” with the 30-day moving average of the Puell Multiple dropping 11% in less than two weeks, while the Miner Capitulation metric has declined by 21%, signaling severe impacts on miners' profitability.
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Technical Analysis for SATS
Technical Sentiment Analysis for SATS (Ordinals) (SATS). As of , SATS (Ordinals) (SATS) 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 SATS 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, SATS 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 $-.
SATS (Ordinals) (SATS) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000000709 | 0.0000000079 | 0.00000000867 | 0.00000000948 | 0.0000000103 | 0.0000000111 | 0.0000000118 |
| Fibonacci | 0.0000000079 | 0.0000000085 | 0.00000000887 | 0.00000000948 | 0.0000000101 | 0.0000000105 | 0.0000000111 |
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