Bitcoin Price Now Retesting Cost Of Production, Will Miners Finally Find Relief?
Miners had already been coming under immense pressure earlier in the bear market due to a multitude of factors like the price plummeting and the electricity costs becoming higher, but this period since the downfall of FTX made their incomes even worse, leading to multiple bankruptcies of major names in the sector such as Core Scientific.
Miners are scattered around the world and, although useful to have a model, it is just a model based on averages.
The 2nd tweet (under the 1st) is, IMO, more pertinent.
The Realized Price is located at $19.7k, which happens to be coincident with the 200D-SMA.
BTC has accelerated through the 50SMA (now at almost exactly $17k) to just below the 200SMA. I expect a retest around $17.5k before a relaunch to attack that 200SMA.
And analysts are falling over themselves to check if their wildly optimistic forecasts might, possibly, be somewhere close, or even in the same order of magnitude of the current BTC spike...
Why Bitcoin [BTC] holders should ‘keep calm’ despite crossing the STH
$600M Shorts Liquidated as Bitcoin Skyrockets to $21K
my shorts are not very long.
6 days in a row positive - and straining for that $20k.
I suspect will get a nose-bleed at about that $19.7k.
it's definitely straining!! almost at 19.4 now.
let's see if the 19.7 theory holds up - or down.
lmao, hits $21.1k. Who'd have thought.
bear market rally? take some profits off the table.