[Bitcoin hits lowest hash price, is now the best time to buy? 】
Bitcoin miners' profits are declining and computing power prices have reached historic lows, which could provide investors with buying opportunities. According to data from CryptoQuant, downturns in hashrate prices often coincide with near lows in Bitcoin prices, suggesting that Bitcoin prices are near a bottom. The price of computing power, which reflects the profit of miners per unit of computing work, is currently only 587.09M, down from 703.79M yesterday.
Low hash rate prices may signal an imminent price recovery, providing a buying opportunity. Analyst Ali Martinez pointed out that the supply of Bitcoin on exchanges fell by 40,000 BTC (about $2.4 billion) in the past 48 hours, indicating that major investors are exiting Bitcoin in anticipation of a price increase.
Additionally, the TD Sequential indicator on Bitcoin’s 12-hour chart is showing a buy signal. If Bitcoin price finds support at $58,783 and closes above $62,042, it could rise by 5.5% to retest resistance at $65,379. Currently, BTC is trading at $59,316, down 0.46% in the past 24 hours, giving it a market cap of $1.17 trillion.
