On December 25, Bitcoin BTC is trading in a tight range of $16,700-17,000, so the price prediction is not affected. Recently, Bitcoin’s hashrate dropped by 35% in just 24 hours due to bad weather conditions.
On Dec. 24. According to BTC.com., the hashrate decreased to 156 EH/s. Before the plunge, the average hash rate was 237 EH/s due to many flights to the United States being cancelled due to the winter storms.
Power outages resulting from the storms caused Bitcoin miners to cease operations. According to PowerOutage, a website tracking such outages, nearly 1.4 million buildings remain without power.
Mark Cuban Wants to Buy Bitcoin at a Lower Price
Mark Cuban, owner of the Dallas Mavericks, made plans to purchase more Bitcoin in a future episode of “Club Random,” Bill Maher’s podcast. He told Fortune that he wanted to get into the biggest cryptocurrency. “Before you spend more, it should sink much lower”. The premiere episode will air on Monday.
In his appearance, Cuban countered Maher’s claim that gold is an excellent hedge against inflation. “You know what? If you have gold, you’re a fucking fool.” He continued to tell Maher that he believes bitcoin is a good investment, but cautioned against encouraging others.
The current Bitcoin price is $16,813 and has a daily trading volume of $10 billion. The BTC/USD pair has stayed almost unchanged today, trading in a range of $16,700-17,000.
Following a failed attempt at breaking above $17,000, BTC pulled back and is now stabilizing at around $16,800. For bulls to have another chance at higher prices, the price must remain above $16,587.
A dip below the $16,600 support level may open the door to additional selling at $16,250, $16,100 or both. On the other hand, a bearish breakout of this level could expose BTC up to $15,000. The market is displaying mixed signals based on the MACD/RSI indicators. The RSI is an indicator that the market was oversold. However the MACD shows that there may still be some bullish momentum. Predicting market movement is difficult because of these contradictory indications.