US Winter Storm Causes Bitcoin Hashrate Decline
- Hashrate Plunge: The recent winter storm in the US caused FoundryUSA's hashrate to drop by approximately 60%, with Luxor experiencing a similar decline, highlighting the vulnerability of Bitcoin mining infrastructure to extreme weather conditions.
- Block Production Delay: The storm led to a slowdown in Bitcoin block production, extending the average block time to 12 minutes, which may impact miner revenues and network security, prompting companies to seek greater resilience.
- Increased Market Dependency: With the US accounting for about 38% of the global Bitcoin hashrate, this incident further deepens the market's reliance on weather-stable operations, with experts anticipating potential regulatory and financial repercussions.
- Resilience Strategy Evaluation: This event mirrors the 2021 Winter Storm Uri in Texas, and experts suggest miners use this opportunity to evaluate their resilience strategies, emphasizing the importance of leveraging renewable energy and automated systems to enhance operational continuity during future weather disturbances.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR). As of , Major (MAJOR) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MAJOR 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, MAJOR 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 $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0534 | 0.0565 | 0.0598 | 0.0629 | 0.0661 | 0.0693 | 0.0725 |
| Fibonacci | 0.0565 | 0.059 | 0.0605 | 0.0629 | 0.0654 | 0.0669 | 0.0693 |
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