Big spike in miner’s outflows overnight. Second biggest since #Bitcoin hit $10k. I’m expecting a whole lot of selling, starting real soon.
According to Garner, the Bitcoins did not flow into exchanges, rather seemed like an OTC trade. The daily average outflow from miners has dropped since halving. However, it is now witness ing massive spikes on isolated days which seems to be coming from large miners.
Recovery after Halving
Nevertheless, the hash rate has been on recovery since the halving has approached the buy signal, despite the mining difficulty increase earlier in the month.
However, as mentioned earlier, the Chinese miners are experiencing floods at the moment, which is favourable for cheap hydroelectricity power. The end of the season could lead to decreased profitability and hash rate.
Currently, the price seems to be holding to the 50-Day EMA as support at $9222 as support. Mati Greenspan, financial analyst and founder of Quantum Economics tweeted,
Been wondering when #bitcoin might see its 200 DMA and was considering support around $8,000. It seems like the DMA is rising lately and with it our next support line.
The 200-Day Moving average is at $8292. In case of further downfall, the market will be critically looking for support above $8000.
Do you think that complete mining capitulation is over or sell pressure is still intact? Please share your views with us.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org