Crypto market update ✍️

Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Let's talk about crypto market. Bitcoin is back above 100k while ether is also trading above 3.8k. Today i am going to talk about current situation of Bitcoin. The production cost of Bitcoin is around $86,000, while its price is currently between $97,000 and $98,000. This means that mining Bitcoin is profitable right now. When the price is above the production cost, miners tend to hold their Bitcoin, reducing market supply and potentially increasing prices. Currently, around 450 Bitcoins are mined daily. If miners hold onto their Bitcoin rather than selling, it creates scarcity in the market, which can drive the price up. The RSI (Relative Strength Index) recently broke above the 70 level, signaling that Bitcoin might be entering a new bull market, as we’ve seen in previous cycles.

In summary, when Bitcoin's price is higher than its production cost and the RSI is strong, it can lead to price appreciation. Conversely, if miners sell more Bitcoin, it could lead to consolidation or a price correction. Bitcoin also tends to follow traditional markets, so positive trends in stocks can have a positive impact on crypto. Looking ahead, we should watch out for the option expirations in December and Bitcoin’s potential price targets for January. That's it for today. Here's the latest update video of crypto market. Thanks & have a good day!!

@abfarhan