Odaily Planet Daily News According to CryptoQuant data, the decline in the computing power of the Bitcoin network has dropped to a level not seen since December 2022, when the FTX collapse triggered a bear market. The current real Bitcoin computing power decline is -7.6%, which suggests that the price of Bitcoin may have bottomed out. Other indicators such as Bitcoin exchange reserves, miner position index (MPI), and Bitcoin miner reserves also show low selling pressure, supporting the view of the market bottom. Capriole founder Charles Edwards pointed out that the Bitcoin computing power band indicator issued a buy signal, reflecting the slowdown in the network's computing power. Market analyst Will Woo said the market will not reach new highs until weaker miners are forced to shut down operations. Recently, the withdrawal volume of Bitcoin miners fell by 90% after the halving, further indicating that selling pressure has eased and Bitcoin prices are expected to continue to rise. (Cointelegraph)
