Technicals suggest a test of the US$10,000 level within the next few weeks, followed by an extended consolidation period before the next bullish markup. Trend indicators on the daily timeframe have flipped from bearish to neutral, while momentum oscillators on the weekly timeframe have begun to flip from bearish to bullish.
A BTC ETF decision by the SEC in the month of August could be the catalyst needed to immediately spark price action to the US$10,000 level. Bitcoin (BTC) lived to die another day this week, rising 10% after breaking US$6,800.
Overall, price remains down 63% from the record high in December. The market cap stands at US$114.69 billion, with US$3.58 billion traded in the past 24 hours. Despite mining profitability currently near an all-time low, hash rate and difficulty continue to post record highs.
While many factors influence mining profitability, such as price, block times, difficulty, block reward, and transaction fees, decreasing profitability adds to the risk of further centralizing mining, both by mining pool and geographically. The next Bitcoin block reward halving is slated for May 2020.
Meanwhile, the number of transactions per day has averaged 180,000-200,000 since June. This metric has declined significantly for all cryptocurrencies. Read more from bravenewcoin.com…
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