The Daily Chart
The price has been trapped inside a descending wedge pattern for several months and is consolidating with significantly lower volatility. Meanwhile, the 100-day moving average has served as a powerful barrier at around $17K.

The current action demonstrates a concerning lack of activity in Bitcoin’s market, which can be explained by recent events, which resulted in a lack of demand.

Considering the current market sentiment, it appears that one of the more probable outlooks for Bitcoin is to continue consolidating between the two substantial levels of $15K and $19K until a breakout occurs.

The 4-Hour Chart
In the 4-hour timeframe, the price has finally dropped below the ascending flag pattern. As is evident in the chart, the 0.5 level of Fibonacci retracement has acted as a great resistance and pushed the price towards the $15K support.

BTC seems likely to retest the flag’s lower boundary and complete the pullback pattern before the next downward rally.

Furthermore, the RSI indicator is currently standing at almost 50, indicating equilibrium has currently been reached.

Onchain Analysis
All on-chain valuation indicators conclude that Bitcoin is significantly undervalued. However, it is essential for whales to start accumulating again in order for the cryptocurrency to bottom out successfully.

Whales have continued to reduce spending, which is now at the lowest level since before Terra and Luna’s failure. The short-term local resistance for Bitcoin is the 1m-3m holder realized price, which is currently at $18.4k. In fact, this level has acted as a barrier during the market’s recent low-momentum rally.

Finally, based on the following graph, compared to the COVID and China-ban crashes, the funding rates metric seems to have rebounded much faster. It illustrates that the market sentiment is healing.
🧡 ━━━━━━━━━━━━━━━━ 🧡

This year, Bitcoin contracted more than 15%, month-to-month, for a record five times.

@Banaa_898

2049th reason why we need Bitcoin!!

@Banaa_898

The hashrate of the Bitcoin network at the moment fell by more than 38.8%, from 230 EH/s to 155 EH/s. It happened due to a snowstorm in the US, which cut off power lines and stopped the work of the miners.

Riot Blockchain, Core Scientific, Compass Mining and other major mining companies have stopped their miners.

@Banaa_898

🎄Below is the price for 1 Bitcoin on Christmas of each year since BTC was created:

2008: $0 (During this period, no one knew about BTC. Only the coinbis.com domain was registered and the blockchain was being developed.)
2009: $0.0007
2010: $0.25
2011: $4
2012: $13
2013: $651
2014: $330
2015: $453
2016: $899
2017: $13,611
2018: $4,124
2019: $7,318
2020: $23,475
2021: $50,825
2022: $16,832

This is how Bitcoin OTC looked like in 2010 – for example, OGs sold 5000 BTC at €0.136 🤯

Contact : @Banaa_898

Bitcoin Volatility Falls to Record Low as Hash Rate Tanks

Read more here

Bitcoin Mining Pool BTC.com Suffers Cyber Attack, $700K Stolen

The attack is just another reminder of how vulnerable prominent crypto companies can be.

Cybercrimes are increasing both in numbers and sophistication. The latest to find itself on the receiving end was the Bitcoin mining pool, BTC.com, which announced suffering a cyber attack on December 3rd.

The perpetrators siphoned certain digital assets worth $700,000 owned by BTC.com’s clients and nearly $2.3 million in asset value owned by its parent firm, BIT Mining Limited.

According to the official press release, the incident was reported to the Shenzhen law enforcement authorities in China. Some of BTC.com’s stolen assets have already been recovered.
The authorities launched an investigation last week that kicked off with collecting evidence and have requested further assistance from BIT Mining and coordination with relevant agencies.
“In the wake of discovering this cyberattack, the Company has implemented technology to better block and intercept hackers. BTC.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.”

Specific details regarding the attack vector have not been revealed yet.
Cybercrimes in the crypto space may take many forms, including schemes that promise quick riches, fake airdrops, giveaways on social media, impersonation of genuine cryptocurrency exchanges and platforms, as well as other fraudulent activities that use digital assets as a lure.
Hackers targeted the cross-chain bridge BSC Token Hub – blockchain associated with Binance in October this year, making away with $570 million.
More recently, DeFi protocol Defrost Finance was drained for $12 million, an attack that many suspected to be a rug pull.
BitKeep wallet was exploited for the second time this year. The latest attack saw fraudsters steal $8 million in Binance Coin, Ether, Tether, and DAI.