Why $34,000 Is Now a Major Support for Bitcoin Price » Crypto Insiders

From Bitcoin The (BTC) price crash is causing a lot of panic in the market. It seems that the end is not in sight yet. While we see some indications here and there that the bottom is approaching, people are now looking at the miners, among other things. For them, $34,000 is a very important price area.

Bitcoin daily and weekly RSI drops

start with the traditional momentum indicator; the Relative Strength Index (RSI). This indicator is very low on both the daily and weekly charts. This could be a sign that the market is too high oversold He and this bear lose strength. The TechDev analyst on the weekly chart shows how the RSI has performed during previous corrections. At the moment, we are very close to the RSI value at the time of the Corona crash in March 2020:

Current BTC Weekly RSI: 37
All bear bottoms: 29-35
March 2020 crash: 35
Closer to the bottom than the top in my opinion.”

Stream #BTC Weekly RSI: 37

All bear bottoms: 29-35

March 2020 crash: 35

Closer to the bottom than to the top imo. gn everything. pic.twitter.com/MzyLNnJ6IT

– TechDev (@TechDev_52) Jan 23 2022

Bitcoin miners not insisting (yet)

Then the bitcoin miners. In addition to whales Is Bitcoin Interesting scammers make your eyes on. Miners receive bitcoins as a reward for their work, and if they don’t sell and keep those rewards, it could be a sign that they expect better bitcoin prices in the future. At the moment they hold their bitcoins at the moment:

Miners do not sell # bitcoin

Do they know something we don’t…? #BTC pic.twitter.com/csaE5y6hQJ

– Plan ©️ (TheRealPlanC) January 22 2022

Unfortunately, this picture paints a somewhat positive picture. There is still a chance that miners will still give up and dump their bitcoins en masse. The founder of the project says in a tweet that the current Bitcoin price Especially close to the production cost of miners. If we dip below this, many miners may decide to sell with the possibility of an additional crash.

“The worst Bitcoin crash ever was due to miners giving up (December 2018, March 2020). When BTC drops below production cost, we risk miners giving up.

BTC was at risk of miners capitulating at $30,000 in June and is now at risk again at $34,000.”

worst pranks # bitcoin Ever due to miners surrender (December 2018, March 2020), when #BTC Below production costs, they run the risk of miners capitulating.

BTC was in danger # miner The capitulation at $30K in June is now at risk again at $34,000. pic.twitter.com/Ga9iWpeyMY

– venturefoundΞr (venturefounder) January 22 2022