🚨 CHINA'S MINING SHUTDOWN HIT BITCOIN HASHRATE
Bitcoin network's hashrate dropped by ~100 EH/s yesterday, per WuBlockchain.
Over 400,000 mining rigs reportedly went offline after mining farms in Xinjiang, China shut down.
Bitcoin network's hashrate dropped by ~100 EH/s yesterday, per WuBlockchain.
Over 400,000 mining rigs reportedly went offline after mining farms in Xinjiang, China shut down.
#NEAR/USDT ANALYSIS
NEAR is trading above the support trendline of the falling wedge pattern, while the Ichimoku Cloud is acting as a resistance barrier above the wedge. A bounce is possible if the price continues to hold this support level.
NEAR is trading above the support trendline of the falling wedge pattern, while the Ichimoku Cloud is acting as a resistance barrier above the wedge. A bounce is possible if the price continues to hold this support level.
#BTC/USDT ANALYSIS
Bitcoin has broken down from the symmetrical triangle pattern and is currently trading above a key horizontal demand zone.
The Ichimoku Cloud is acting as a resistance barrier above the price action. A rebound from the demand zone is possible.
However, close monitoring of further price action is advised.
Bitcoin has broken down from the symmetrical triangle pattern and is currently trading above a key horizontal demand zone.
The Ichimoku Cloud is acting as a resistance barrier above the price action. A rebound from the demand zone is possible.
However, close monitoring of further price action is advised.
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#TOTAL MARKET CAP ANALYSIS
The total crypto market cap has broken down from the symmetrical triangle pattern with significant volume and is currently undergoing a retest of the breakdown level.
The Ichimoku Cloud is acting as a resistance barrier above the current price action.
A successful retest would open the door for further downside, while a failure could lead to continued price action within the pattern.
The total crypto market cap has broken down from the symmetrical triangle pattern with significant volume and is currently undergoing a retest of the breakdown level.
The Ichimoku Cloud is acting as a resistance barrier above the current price action.
A successful retest would open the door for further downside, while a failure could lead to continued price action within the pattern.
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#BTC/USDT ANALYSIS
Bitcoin is consolidating within a falling wedge pattern and is currently facing rejection from the 21MA, which is acting as a resistance barrier above the price action.
A solid breakout of the pattern would signal a bullish trend, while a breakdown below the support trendline would invalidate the pattern.
Bitcoin is consolidating within a falling wedge pattern and is currently facing rejection from the 21MA, which is acting as a resistance barrier above the price action.
A solid breakout of the pattern would signal a bullish trend, while a breakdown below the support trendline would invalidate the pattern.
#US DOLLAR ANALYSIS
The US Dollar has decisively broken down from the descending triangle pattern, supported by strong volume, and has already confirmed the move with a clean retest of the breakdown level.
Price action remains capped below the Ichimoku Cloud, which is now acting as a dynamic resistance zone, reinforcing the prevailing bearish market structure.
This alignment suggests that sellers remain in control, increasing the probability of continued downside momentum in the near term.
From a broader market perspective, sustained weakness in the US Dollar typically favors risk-on assets.
Given its well-known inverse correlation with the crypto market, further downside in DXY could act as a supportive catalyst for bullish momentum across cryptocurrencies.
The US Dollar has decisively broken down from the descending triangle pattern, supported by strong volume, and has already confirmed the move with a clean retest of the breakdown level.
Price action remains capped below the Ichimoku Cloud, which is now acting as a dynamic resistance zone, reinforcing the prevailing bearish market structure.
This alignment suggests that sellers remain in control, increasing the probability of continued downside momentum in the near term.
From a broader market perspective, sustained weakness in the US Dollar typically favors risk-on assets.
Given its well-known inverse correlation with the crypto market, further downside in DXY could act as a supportive catalyst for bullish momentum across cryptocurrencies.
#BTC/USDT ANALYSIS
Bitcoin is consolidating within a falling wedge pattern and is currently trading below the resistance trendline, with the 21MA acting as a resistance barrier.
A solid breakout of the pattern, followed by a successful retest, would provide a bullish confirmation.
Bitcoin is consolidating within a falling wedge pattern and is currently trading below the resistance trendline, with the 21MA acting as a resistance barrier.
A solid breakout of the pattern, followed by a successful retest, would provide a bullish confirmation.
#AVAX/USDT ANALYSIS
AVAX is consolidating within a descending triangle pattern and is currently trading near the horizontal demand zone. A rebound from this level is possible. Keep an eye on further price action developments.
AVAX is consolidating within a descending triangle pattern and is currently trading near the horizontal demand zone. A rebound from this level is possible. Keep an eye on further price action developments.