Bitcoin Computing Power Drops to December 2022 Levels
According to CryptoQuant's data and analyst opinion, the Bitcoin network's arithmetic decline has fallen to levels not seen since December 2022, when the FTX crash triggered a bear market. The current real Bitcoin arithmetic decline of -7.6% suggests that Bitcoin prices may have bottomed out. Other indicators such as the Bitcoin Exchange Reserve, Miner Position Index (MPI) and Bitcoin Miner Reserve are also showing low selling pressure, supporting the idea of a market bottom. Charles Edwards, founder of Capriole, noted that the Bitcoin Arithmetic Band indicator is sending out a buy signal, reflecting a slowdown in the network's computing power. Market analyst Will Woo said the market won't reach new highs until weak miners are forced to shut down operations. The recent 90 percent drop in withdrawals from bitcoin miners after the halving further suggests that selling pressure is easing and the bitcoin price is expected to continue to rise.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Adient names Peter Carlin CFO effective Nov. 16, 2026
Barclays: The Bank of England's slower pace of balance sheet reduction is expected to ease pressure on the repo market and UK government bonds
Barclays strategists stated that the Bank of England's plan to slow down the pace of bond sales will ease pressures on repo operations and also offer support to the stressed ultra-long-term UK government bonds.
Prudential Financial Exits Investment in South Africa's Alexforbes
Warren Buffett Steps Down as Berkshire Hathaway Chairman -- 2nd Update
Crypto prices
More
