Bitcoin ($BTC) has encountered a noticeable setback in its growth trajectory over the past month, raising concerns about the sustainability of its recent climb to $44,000.
Based on Ali’s chart on X, Bitcoin’s price has dipped below a critical supply zone, ranging from $41,200 to $42,400. Within this range, 1.87 million addresses have accumulated a significant 730,000 $BTC.
With the current market dip, holders in this region may consider selling to mitigate potential losses, possibly leading to a further drop to the subsequent demand zone between $37,500 and $38,700. Notably, 1.28 million addresses hold 553,000 BTC in this zone.
#Bitcoin has slipped below a key supply zone, ranging from $41,200 to $42,400. In this area, 1.87 million addresses had accumulated 730,000 $BTC.
This downturn might trigger these holders to sell, aiming to cut losses.
If selling pressure increases, watch for a possible decline… pic.twitter.com/aTX1RWarkb
— Ali (@ali_charts) December 18, 2023
As of the latest update, Bitcoin has experienced a decline of just over 2% in the past 24 hours, presently trading at $41,041.
Bitcoin Hashrate Data To Watch
Contrastingly, Bitcoin’s hash price has witnessed a remarkable surge, surpassing $125,000 per exahash. This marks its highest valuation since July 2021, echoing levels observed before the 2020 halving event.
The hash rate’s substantial 200% surge since July 2021, driven by intensified competition for the block reward, has been somewhat offset by a concurrent increase in transaction fees. This intricate balance reflects the evolving dynamics within the Bitcoin network, as miners vie for rewards while users face heightened transaction costs.
#Bitcoin Hash Price has ripped to $125k per Exahash, the highest value since July 2021 and back to pre-2020 halving levels.
The uptick in transaction fees has offset the tremendous 200% increase in hash-rate since July 2021 competing for the block rewardhttps://t.co/8iiVvfa6Me pic.twitter.com/1795gHFBOv
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) December 17, 2023
The interplay between Bitcoin’s price decline and the surge in hash rate underscores the complexity of factors influencing the cryptocurrency’s market dynamics. Investors and analysts are closely monitoring these developments, anticipating how these trends may shape Bitcoin’s trajectory in the near future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-faces-decline-below-41000-price-level-mark-amid-hash-rate-surge/