Last week, the 4th halving of the Bitcoin network was successfully completed.
We wrote about this in more detail in the post 👉 The most important event of the crypto market
Over the weekend, miners have already mined +-300 blocks with a new lower reward of 3.125 BTC instead of 6.25 BTC.
At the same time, the hashrate of the Bitcoin network can be said to have practically not decreased, contrary to the expectations of many.
This only means that small miners of the Bitcoin network have long been thrown out of the market or connected to common pools 🕸️
Even if these kids began to disconnect after halving, their impact on the network is very negligible 🤏
This also indicates that almost all the power of mining machines belongs to market monopolists.
This is clearly visible in the infographic.
Therefore, we personally do not expect strong sales from miners at current levels, especially considering that the price is not so far from the break-even point of mining.
🕯 Technical analysis
Previously, we wrote many times that we are waiting for a sideways trend in Bitcoin, and as a result, it has been going on for almost 2 months.
And historically, after the onset of halving, Bitcoin went sideways for a couple of months.
Therefore, we will probably continue to trade sideways on Bitcoin.
Unlike alts, which logically should begin to grow in the near future if there are no shocks in the market.
⛳️ The side panel itself took the form of the Flag pattern, which we already talked about in previous posts.
On the weekly timeframe, indicators have just begun to leave the severely overbought zone.
Moreover, each weekly bar closes with a long shadow from below, which means the buyer prevails in the market.
During the day we have already cooled down all the indicators very well, so locally we may soon go to test the upper limit of the current sideways trend.
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