The Dynamics of Bitcoin Mining
As of July 31, 2024, data from CryptoQuant—a firm that analyzes cryptocurrency assets—indicates a shifting landscape in #bitcoin☀️ mining. Despite the common perception of a downtrend in miner sales, significant insights reveal an adjustment phase among large-scale miners. This report comes at a time when the Bitcoin price has rallied to $69,000.
Here the analysis based on current position :
Bitcoin has broken down from a rising wedge pattern and has successfully retested the breakdown level.If the price cannot break above this support area, we might see a move towards the $60,000 major support area.So Keep an eye on the price action.However, if it breaks down through the demand zone, we may see further correction in the market.
