#BTC will break this resistance or we will see a pullback?
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#BTC UPDATE
On 12H, BTC is about to break out of a lengthy falling wedge. The MA 100 and the Ichimoku cloud are both providing resistance to the descending wedge.
A firm breakout of the falling wedge would indicate a significant bullish rally in the market at this time, when the price has retested above the horizontal support.
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Bitcoin Mining Profitability Analysis: Trends and Forecasts for 2023
Bitcoin miners' revenues have shown steady growth since the year's start, peaking on May 8 at $41.7 million. This growth aligns with an uptrend in key Bitcoin network metrics. The BTC Miner Sentiment metric, considering the network's average hash rate, difficulty, mined blocks, and block rewards, also displays a consistent rise. This growth indicates a strengthening and stabilizing Bitcoin network.
The hash rate and network difficulty directly relate to Bitcoin's security and mining challenge, respectively. The number of mined blocks and block rewards influence miners' earnings. However, the expected halving of Bitcoin block reward in 2024 could impact these earnings.
Forecasts suggest continued growth in miners' revenues and network resilience in the short term, though the upcoming halving could shift this trend. Regardless, Bitcoin's core network metrics reaffirm its strength and resilience, highlighting Bitcoin's role as a leading cryptocurrency and its long-term viability.
In conclusion, the analysis of Bitcoin network metrics reaffirms Bitcoin's leadership and resilience in the cryptocurrency market. With sound risk management, miners can continue to secure earnings, providing investors confidence in Bitcoin's enduring stability.
This piece is not intended to be financial advice. Before making an investing choice, always do your own research and speak with a qualified advisor.
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On 12H, BTC is about to break out of a lengthy falling wedge. The MA 100 and the Ichimoku cloud are both providing resistance to the descending wedge.
A firm breakout of the falling wedge would indicate a significant bullish rally in the market at this time, when the price has retested above the horizontal support.
Let's understand deeply
Bitcoin Mining Profitability Analysis: Trends and Forecasts for 2023
Bitcoin miners' revenues have shown steady growth since the year's start, peaking on May 8 at $41.7 million. This growth aligns with an uptrend in key Bitcoin network metrics. The BTC Miner Sentiment metric, considering the network's average hash rate, difficulty, mined blocks, and block rewards, also displays a consistent rise. This growth indicates a strengthening and stabilizing Bitcoin network.
The hash rate and network difficulty directly relate to Bitcoin's security and mining challenge, respectively. The number of mined blocks and block rewards influence miners' earnings. However, the expected halving of Bitcoin block reward in 2024 could impact these earnings.
Forecasts suggest continued growth in miners' revenues and network resilience in the short term, though the upcoming halving could shift this trend. Regardless, Bitcoin's core network metrics reaffirm its strength and resilience, highlighting Bitcoin's role as a leading cryptocurrency and its long-term viability.
In conclusion, the analysis of Bitcoin network metrics reaffirms Bitcoin's leadership and resilience in the cryptocurrency market. With sound risk management, miners can continue to secure earnings, providing investors confidence in Bitcoin's enduring stability.
This piece is not intended to be financial advice. Before making an investing choice, always do your own research and speak with a qualified advisor.
For more Quality Charts Analysis, follow us.
I'm grateful.
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Bitcoin Trading Volume Spot/Derivatives
If we pay attention to the Bitcoin Trading Volume in spot and futures exchanges:
After the price growth of Bitcoin from the range of 15k-26k price level, a strong demand had seen in the spot and futures market, and for every price correction, this strong demand in the spot market has guaranteed the recovery process and price growth.
But after Bitcoin reached the 26k price level, this phase of demand in the spot market of exchanges decreased drastically, and we can say that another price growth up to the 30k level happened due to the impact of futures market movements.
Now we can say that the market is in the most dangerous state possible because the demand is seen neither in the spot nor in the futures market.
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Large Investors Accumulating Bitcoin: What Does This Mean for the Price?
UTXO Value Bands is an on-chain indicator that measures the distribution of Bitcoin UTXOs by value. UTXOs, or Unspent Transaction Outputs, are the individual units of Bitcoin that are created when a transaction is made. Each UTXO has a value, which is the amount of Bitcoin that it represents.
UTXO Value Bands divides the Bitcoin supply into a number of bands, based on the value of the UTXOs in each band. For example, the 1-10 BTC band includes all UTXOs that have a value of between 1 and 10 BTC. The width of each band can be adjusted to focus on different segments of the Bitcoin supply.
The indicator then plots the quantity of the Bitcoin supply that is held in each band over time. This can be used to identify trends in the distribution of Bitcoin, such as whether more Bitcoin is being held by large or small investors.
UTXO Value Bands can be used to identify potential price movements in Bitcoin. For example, if the percentage of Bitcoin held in the +10K BTC band starts to increase, it could be a sign that large investors are accumulating Bitcoin. This could lead to an increase in demand for Bitcoin, which could push the price higher.
In recent days, we have seen a surge in the price of Bitcoin. This surge could be explained by the fact that the percentage of Bitcoin held in the +10K BTC band has increased. Specifically, the number of Bitcoins held in the +10K BTC band increased from 1,742,300 BTC to 1,774,200 BTC, a change of +1.8%.
This increase in the number of Bitcoins held by large investors could be a sign that they are accumulating Bitcoin in anticipation of further price increases.
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#Bitcoin Nothing changed much; it remained at the same level. The bulls need to overcome the $28400+ resistance.
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#BTC What do you think is ready to go long,
guys?
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On the daily period chart, #BTC is currently consolidating in a falling wedge.
A potential big move is coming, according to the contracting Bollinger Bands.
Since the middle of January 2023, the daily RSI has been moving below the Trendline Resistance.
To confirm a Wedae Breakout, Bitcoin Bulls Need to Hold the Critical Support at 26k and Break Through the Resistance at 28k.
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#BTC MACD CROSSOVER IN WEEKLY TIME FRAME!
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