According to CryptoQuant data, the Bitcoin network's hashrate has fallen to levels not seen since December 2022, when the FTX crash triggered a bear market. The current real Bitcoin hashrate is -7.6%, which suggests that Bitcoin prices may have bottomed.
Other indicators such as Bitcoin exchange reserves, miner position index (MPI) and Bitcoin miner reserves also show low selling pressure, supporting the view of a market bottom.
Capriole founder Charles Edwards pointed out that the Bitcoin hashrate band indicator sent a buy signal, reflecting the slowdown in network computing power.
Market analyst Will Woo said the market will not reach new highs until weaker miners are forced to shut down operations.
Recently, Bitcoin miners' withdrawals fell by 90% after the halving, further indicating that selling pressure has eased and Bitcoin prices are expected to continue to rise. (Cointelegraph)