Bitcoin hashrate declines, miners sell their coins, and altcoins are expected to turn around!
Dear newbies in the cryptocurrency circle, you may have heard some news about the decline in Bitcoin hashrate recently. It's like the "shovel" used by miners to mine has suddenly become blunt, and they can't dig out much "gold".
In the past two days, the "shovel" of hashrate seems to have been worn out and has become difficult to use. This is because Bitcoin's halving mechanism directly halves the miners' income, just like you could dig 10 pieces of gold a day, but now you can only dig 5 pieces.
So why do miners sell their Bitcoins after the halving? In fact, the reason is very simple, because their costs have doubled, but their income has halved. It's like you could make 100 yuan a day, but suddenly the cost has risen to 200 yuan, what else can you do? You can only sell the inventory in your hands quickly to recover funds and make a living.
But don't lose heart! Although Bitcoin looks a bit weak now, the good news is that the enthusiasm of miners is still high. It's like in winter, although the weather is cold, miners still insist on working, waiting for the arrival of spring. This also usually means that the market may be about to usher in a turning point.
Imagine that when miners have sold almost all the Bitcoin in their hands, the supply in the market will decrease, but the demand may still be there. At this time, those altcoins that are usually ignored by everyone will have a chance to emerge. They may usher in their own "spring" after the "winter" of Bitcoin, just like spring flowers.
Next, let's take a look at the specific numbers:
BTC (Bitcoin): It recently fell below the support of the 5-day line and looks a little weak. It's like a tired athlete who can't run anymore. But don't worry, as long as it can break through the key point of $62,308, it's like crossing a threshold, and it may be able to cheer up and continue to move forward.
ETH (Ethereum): The recent changes in whale addresses have brought some selling pressure to ETH. But the good news is that it has bottomed along the 5-day line. It's like a stock that has hit rock bottom and is starting to show signs of rebounding.As long as it can break through the key point of $3052, it is like opening a door to a new world, and it is likely to usher in a long-term rebound.
So, dear newcomers in the cryptocurrency circle, although the market seems a little uncertain now, please keep your confidence. Because in this world full of variables, opportunities are always reserved for those who are prepared.
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