Crypto Market Analysis 7.02 Miners' Winter is Coming, Who Can Survive to the End? The chances of a turnaround 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. The miner position index shows that miners are also reducing their selling volume, which is generally seen as a bullish signal because miners, as the main Bitcoin suppliers, reduce selling pressure.

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 a new high until weak miners shut down operations. After weak miners shut down their equipment, the supply of Bitcoin in the market decreases, which may reduce selling pressure, thereby creating conditions for a price rebound.

Therefore, the current time point is very important. Finally, after all the weak miners die and go bankrupt, the real bottom will appear.

The unemployment benefits will be collected on Wednesday, and the probability of the market rebounding in advance will increase. However, in the current environment, long orders are still in the majority, and the market is not really desperate. Continue 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. The upper daily level pressure is around 65,500, and the lower support is around 60,000.

4-hour level market

The 4-hour level has officially started a period of repair, with upper pressure around 64,500 and lower support around 62,000.

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