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- Bitcoin miner’s capitulation could ease $ 90,000 and offer new buying options
- The average cost of mining for BTC was still below the value of the royal coin at the time of the press
Despite a high risk of Rudar’s Bitcoin CapitulationAnalyst James Van Straten believes that the curve of the currency could withstand and mark $ 90,000 as a local bottom of price. According to him, The hash ribbon, a key indicator that accompanies the profitability of miners and potential outputs from the market, is marked.
This hinted at the trouble of BTC Miner and the probable lower signal for BTC, according to historical data. He said,,
“Minearers capitulation with a tap ribbon that usually indicates the bottom, usually lasts about 30 days. The last time was October 2024.”
Source: Grenede
In most cases, the hash ribbon indicator also acted as an opportunity to buy because it coincided with the bottom of the cryptocurrency. Will the trend be repeated after all?
Will $ 90,000 stop the Capitulation of Rudar Bitcoin?
Straten added that, despite the expected increase in 4% in Bitcoin’s network difficulty from February 9, the royal coin still defended the price of 90 000 $ 105K.
“It is expected that the difficulties on Sunday will adapt 4% of ATS, the more stress on the miners. Have more confidence that $ 90,000 is the bottom of this range.”
For unknown, network difficulties (currently on 110t units) it refers to how difficult it is to find a block (Mine BTC). A 4% icy point means that miners have to use more computer resources for mineral currency mine. Expanding, this means an increase in pressure in average mining costs.
From February 6, the average cost of BTC mining, according to Macromicro, was $ 86.5,000. If the price of the BTC falls below the average mining costs, then the average miner will be underwater and under higher pressure.
Historically, Bitcoin’s price has always remained above average mining costs. So, despite the expected increase in difficulty and more pressure on the capitulation of miners, the fall below the average production costs could be an opportunity to buy if BTC later climbed to more.
As was said, the King coin was estimated at $ 96,000 at a time of print and could drop a range of $ 91,000-90 thousand if the pressure on the bears is still continued.
