Bitcoin Mining Operations Ceasing in Xinjiang
Bitcoin Mining Shutdown in Xinjiang: Kong Jianping, founder of Nano Labs, reports that Bitcoin mining farms in Xinjiang, China, are closing, with at least 400,000 mining machines going offline due to an 8% drop in the global Bitcoin hashrate.
Impact on Global Bitcoin Network: The shutdown of these mining facilities not only affects local miners but also has significant implications for the global Bitcoin network, potentially leading to changes in network difficulty and mining revenues.
China's Historical Influence on Mining: The closures in Xinjiang reflect China's ongoing influence on Bitcoin mining trends, which could result in shifts of mining operations to other countries and changes in the cryptocurrency market landscape.
Expert Insights: Kong Jianping emphasizes the gradual shutdown of mining operations and highlights the importance of monitoring hash rate and network activity for understanding the broader impacts on Bitcoin's market value.
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Technical Analysis for IMX
Technical Sentiment Analysis for Immutable (IMX) As of , Immutable (IMX) 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 IMX 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, IMX 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 $-.
Immutable (IMX) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0482 | 0.0886 | 0.132 | 0.172 | 0.215 | 0.255 | 0.298 |
| Fibonacci | 0.0886 | 0.12 | 0.14 | 0.172 | 0.204 | 0.224 | 0.255 |
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