Crypto Market Analysis 7.02 Miners' Winter is Coming, Who Can Survive to the End? The chances of a comeback on Wednesday are getting bigger.
Bitcoin's computing power (hash rate) is a measure of the processing power of the entire network. The current computing power has dropped to its lowest level since the FTX crash in December 2022, a drop of 7.6%. A drop in computing power usually means that miners have shut down their equipment, perhaps because of increased mining costs or reduced revenue.
Other indicators such as exchange reserves and miner position index also show low selling pressure, supporting the view that the market has bottomed out. Reduced exchange reserves mean that investors are withdrawing Bitcoin from exchanges, perhaps for long-term holding rather than preparing to sell.
Of course, the above conditions cannot determine that the bottom has been reached. Instead, there are more important things. Market analyst Will Woo believes that the market will not set new highs until weak miners shut down operations. After weak miners shut down their equipment, the supply of Bitcoin in the market will decrease, which may reduce selling pressure, thereby creating conditions for a price rebound.
So the current time point is very important. Finally, after waiting for all the weak miners to die and go bankrupt, the real bottom will appear.
On Wednesday, unemployment benefits will be collected, and the probability of an early rebound in the market will increase. However, in the current environment, long orders are still in the majority, and the market has not really despaired yet, and it continues to wait for the end of the wash.
Daily level market
- The daily level has a large downward trend, but there is a rebound at the bottom, with the upper daily level pressure around 65,500 and the lower support around 60,000.
4-hour level market
The 4-hour level has officially started a period of repair market, with the upper pressure around 64,500 and the lower support around 62,000.
Intraday level analysis
-----Close the monthly line, the bottom is likely to appear around 57,000--58,000, and the possibility of continued decline is relatively small, but the middle track pressure is around 64,000. After breaking through and stabilizing, the target can be seen around 68,000.
The intraday level upward trend has started, but considering that the long orders are too surging, the best time node is Friday to confirm the direction. The bottom support of the day is around 62500, and the upper pressure position is around 64000. The intraday upward trend, but in the short term, it is mainly around 62500. After the downward exploration, observe whether there is a long order to enter the market.
Spot can safely pass through this difficult time in the history of encryption, and stay calm in the face of things. #BTC走勢分析