Bitcoin mining expenses reach an all-time high of 137,800, and the price experiences essential annual opening difficulties. Per the IQ 276 holder, market manipulation may vanish within a week.
Bitcoin is trading at significant levels of resistance. There is increasing pressure on the digital asset due to various technical factors. The cost of mining is soaring to record heights, and the price action is stabilizing.
Source: yhbryankimiq on X ,
According to yhbryankimiq on X , the existing price is a discount. According to the account, market manipulation has been observed to be evident in recent trade. He wrote on X that such manipulation might disappear in a week. The cryptocurrency may then climb at a new all-time high.
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Record Mining Costs Signal Strong Floor
The cost of mining has reached new heights. TedPillows on X states that production costs were the highest since their inception. Mining a single Bitcoin costs an average of 74600 dollars. All-in costs with depreciation soar to $137,800.
Source: TedPillows on X
According to the recent industry statistics, mining expenses reached 96,100 USD per Bitcoin in Q3 2024. The production cost of a coin amounts to approximately 49,500 in cash. Considering other costs such as depreciation and stock compensation, the total cost increases significantly. These high production levels usually sustain high price levels in times of consolidation.
Miners keep building infrastructure even though it is costly. This is an indication of hope for an increase in prices. The network hash rate was more than 800 EH/s recently. The current seven-day average hash rate is 749.05 EH/s.
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Critical Yearly Open Becomes Key Battleground
These annual open levels have been important throughout the history of Bitcoin. The most crucial resistance at the moment, according to CryptoRover on X, is the yearly open. A zoom into each open of year since 2014 shows steady trends. These levels consistently coincide with significant support or resistance levels.
Source: CryptoRover X,
The 21-day SMA at $99,600 is displayed as the short-term resistance on technical indicators. The 50-day SMA is a key support on the 94650. The Relative Strength Index is currently at 52. This is an indicator of market neutrality.
Historically, trend direction is determined by price action around yearly openings. Breakouts of these levels usually cause a prolonged rally. Attempts not to violate them often cause prolonged periods of consolidation. Bitcoin has come to test the psychological level of 100,000 on several occasions lately.
Mining difficulty was at historic highs associated with past cycles. Increased difficulty enhances security and increases the cost of production. This forms a basic foundation of price action. In Q3, the weighted average cost of cash to mine one Bitcoin had increased to about 55,950.
The interplay between the record mining costs and the key resistance forms an interesting setup. Past trends indicate that annual open breaks bring about long-term trends. The potential downside is minimized by production cost floors. The market structure shows that coiling is taking shape.
Source: https://www.livebitcoinnews.com/bitcoin-coiling-for-massive-breakout-mining-costs-surge/
