Winter Storm Disrupts U.S. Bitcoin Mining Operations
- Hashrate Decline: The winter storm named 'Fernan' caused a significant drop in U.S. Bitcoin mining hashrate by approximately 200 EH/s, with Foundry USA's hashrate plummeting from 328 EH/s to 139 EH/s, directly impacting the stability and efficiency of the Bitcoin network.
- Extended Block Times: Due to the hashrate decline, Bitcoin block generation times exceeded expectations, reaching approximately 12.4 minutes, which may lead to an anticipated 15% decrease in mining difficulty to restore normal block production speeds.
- Increased Market Pressure: Bitcoin is currently trading at $87,877.83 with a market cap of $1.76 trillion, having fallen 23.63% over the past 90 days, indicating the market's sensitivity to weather impacts and historical trends, prompting investors to closely monitor future liquidity changes.
- Energy Conservation Priority: Miners have been forced to reduce operations due to extreme weather conditions to alleviate strain on the power grid, echoing a similar scenario in Texas in 2022, highlighting Bitcoin mining's vulnerability to environmental and energy challenges.
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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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