Bitcoin held steady near $13,000 as the network's hash rate plummeted from 151.09 EH/s on October 24 to 132.9 EH/s by October 26. China's Sichuan province is exiting its wet season, and miners are le
Bitcoin held steady near $13,000 as the network's hash rate plummeted from 151.09 EH/s on October 24 to 132.9 EH/s by October 26.
China's Sichuan province is exiting its wet season, and miners are leaving with it. More than two-thirds of Chinese miners migrate to Sichuan each rainy period to tap its abundant hydroelectric power and minimal electricity costs. When rains stop, operations close or relocate.
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Stocks crashed on Monday. The Dow fell 2.29%, the S&P 500 dropped 1.86%, and the Nasdaq declined 1.64%. German stocks took a harder hit: the DAX fell 3.71%. London's FTSE lost 1.16%. Traders blamed the presidential election, stalled stimulus negotiations, and surging COVID-19 cases across the US and Europe.
Bitcoin buyers showed up. Moving averages signaled a strong buy, with oscillators hovering near neutral. Analysts saw potential for prices to push above $14,000 near term and toward $16,000 over the medium term.
Cole Garner disagreed. The technical analyst tweeted: "If we leg up — hammer falls right afterwards." His chart suggested Bitcoin had extended too far and a correction was coming.
Miners cashed out holdings. Byte Tree data showed miners sold 11% more bitcoin than they generated over the past week, beating the six percent average from the five and twelve-week periods. The selling accelerated over the past 24 hours, with miners dumping at a 111% rate relative to fresh issuance. First-spend figures showed 1,293 BTC against 613 BTC generated.
The next support zone sits between $11,300 and $11,500. The 100-day simple moving average is at $11,168, and the 200-day average at $10,050.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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