Bitcoin is now trading close to the estimated cost of mining it.
Historically, this zone has appeared during periods of heavy miner pressure and has sometimes been linked to $BTC market bottoms.
Miners are currently facing tighter profits as mining costs remain high and mining revenue comes under pressure.
This does not guarantee that Bitcoin has reached its bottom, but the current level is important because prolonged miner pressure can reduce selling and help create a stronger price base.
#BTC, is the correction enough?# or #BTC Correction Incoming?#
Historically, this zone has appeared during periods of heavy miner pressure and has sometimes been linked to $BTC market bottoms.
Miners are currently facing tighter profits as mining costs remain high and mining revenue comes under pressure.
This does not guarantee that Bitcoin has reached its bottom, but the current level is important because prolonged miner pressure can reduce selling and help create a stronger price base.
#BTC, is the correction enough?# or #BTC Correction Incoming?#