0 sats \ 1 reply \ @ExponentialBTC OP 13 May 2022 \ parent \ on: Blockware Intelligence Newsletter: Week 37 | Blockware Market Intelligence bitcoin
With the selloff this week in equities and cryptoassets, it’s not much of a shock that crypto-equities have generally have had a very poor week.
BTC is approaching the 200 week moving average, sitting at $22K.
The confluence of these indicators and price levels signal that Bitcoin is becoming deeply oversold. We aren’t calling the absolute cycle bottom yet, but are getting awfully close and expect these levels to be seen as great buys looking back in 2-3 years.
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0 sats \ 0 replies \ @ExponentialBTC OP 13 May 2022
Bitcoin Mining
As of Wednesday, there was 14+ BTC worth of pending transaction fees sitting in the mempool waiting to be mined by miners.
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Because of this increase in network difficulty, breakeven prices have risen. Since the price has dropped as well, miners have inched closer to their higher breakeven prices and margins are being compressed for everyone.
We are potentially on the cusp of a small miner capitulation.
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