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👀 Bitcoin Hashrate Confirms Bottom 

Word On The Street: Bitcoin, currently priced at $59,493, is presenting a fresh "buy opportunity" as miners continue to grapple with profitability challenges.

The details:

• Despite ongoing pressures on both miners and long-term holders, key Bitcoin metrics remain supportive of a bullish outlook.

• Miners, in particular, are still navigating post-halving profitability issues, with the latest data indicating that their hashprice is at notably low levels.

• Additionally, Bitcoin's mining difficulty has recently increased by 3%, bringing it close to all-time highs of 90.66 trillion.

Why it matters: Hashprice, which measures miner costs on a per terahash basis, is currently at a point where previous lows in Bitcoin's price have historically occurred, often followed by significant recoveries.

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Reports from our analysts today:

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TRADERS CORNER
💸 Bitcoin Technical Analysis

Bitcoin is around $59,515. The price is hovering slightly above the middle line of the Bollinger Bands (20 SMA), suggesting that the market is relatively balanced with no strong momentum either up or down. The price is close to the VWAP line, indicating that it is trading near its average value for the selected period, which often signals consolidation or the beginning of a new trend.

Trend Analysis:

The overall trend in the chart appears to be sideways or in a consolidation phase. After a noticeable decline, the price found support near $58,800 and has been oscillating within a narrow range. The Bollinger Bands are tightening, which typically precedes a breakout. The control between buyers and sellers is fairly even at this stage, with neither side showing a dominant force.

Support and Resistance:

- Support: The immediate support level is at approximately $59,375, as indicated by the lower Bollinger Band.

- Resistance: The immediate resistance is at $59,668, which is the upper Bollinger Band and where the price has faced resistance before.

Scenarios:

1. Bullish Breakout: If the price manages to break above the $59,668 resistance and close above the upper Bollinger Band, there could be a bullish move toward the $60,400 level. A sustained move above this level could trigger further upside momentum.

2. Continuation of Consolidation: If the price continues to hover between the $59,375 support and $59,668 resistance, the market may remain in a consolidation phase. Traders may look for a breakout in either direction as the next significant move.

3. Bearish Reversal: If the price breaks below the $59,375 support, it could signal a potential bearish reversal, with the next target being the critical support at $58,800. A breakdown below this level could lead to further declines.

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