It’s always interesting to get bitcoin is to come! Yesterday, it seemed to be a quiet day, until the world’s most well-known cryptocurrency, suddenly, with a 4 per cent declined, and in less than five minutes of your time. “What was that about? In addition, we will look at in this analysis also to the bitcoin miners, who are now making a profit.
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Bitcoin fills a hole at the CME Group
On the internet, there has been speculation about the reason for the sudden drop in prices. According to analysts at CoinTelegraph decreased, bitcoin is a gap in the market price of CME Group to complete.
What’s the difference? Bitcoin allows you to 24 hours a day, 7 days a week, and buy it on the international cryptobeurzen. However, you can trade in bitcoin futures on CME Group’s website. You don’t really bitcoin is, but to speculate on the price of bitcoin.
The main difference between the futures market of the CME Group, and the bitcoinhandel on the stock exchanges that CME Group is a closing time for. CME will close its doors on Friday night before 23:00, and open again on Monday at 00:00 (both pacific time).
But in the meantime, is moving in the direction of the bitcoin is on the cryptobeurzen as usual. And so it’s possible that the closing price of Friday at the CME Group, is different from the openkoers of the room. Thus, a gap between the close price and the openkoers do you call a hole or a gap in the English language.
The idea of such a gap is that needs to be filled in during the opening hours of the CME Group. This means that the bitcoin exchange rate is the value of the hole reference. Of course, this could also be a self-fulfilling prophecy, it is precisely because investors want to see happen as well.
Bitcoin is the weekend began with an increase, and that’s why there is a gap between the 11.650, the $ 9.921 euro), 11.770, the $ 10.020 million). This gap is now filled, and the course filled up quickly in the air.
In the chart below, you can see more clearly how fast he was going. Every candle on the chart represents five minutes.
About half-past 1 in the afternoon, just when you are on a roll with the food, price declined by more than 4 per cent in as little as five minutes. However, the price recovered quickly, at around 16:00 hours, the exchange rate is almost at its old level.
Or maybe it was just the return of Bart, the Simpsons-in the price chart?
Bitcoin miners are making a profit
Sometimes, it may be as well to look at the dates on the outside of the track. The Bitcoin Profibilaty Indicator, by Charles Edwards, shows how beneficial it is to set bitcoin to mine. According to Edwards, to make the miners returned to profit. Click on the chart in the tweet to expand it.
Bitcoin mining is once again profitable. pic.twitter.com/FTAinTKzcP
Charles — Edwards (@caprioleio) is August 10, 2020
The bottom edge of the red band) is the minimum cost to get bitcoin to mine, which is only the cost. The resistance are taken into account, an average energy price of 5 cents per kWh, and you look at the average energy conversion efficiency of more than 60 different miningapparaten.
The top is the total cost to set bitcoin to mine, and so is the cost of energy, plus, for example, depreciation of equipment, salaries of staff and rent of office space. This is an estimate of the Resistance, on the basis of multiple sources, which, among other things, CoinShares and BitFury.
The bitcoin price is now above the tire, and an average of all of the costs of the miners are to be mated. According to Edwards is a bitcoin is now at the same stage in september of 2016. The bitcoin halving is over and the miners had to be just as loss, but that the time has come to an end. History repeats itself? Then, bitcoin is now on the cusp of a major bull run.
Miners are selling today, miner
All you have to do today to sell the miners will also be less than that, they are mine. The Miner’s Character Inventory (MRI) of the ByteTree shows the number of miners to sell. An MRI of the lower than 100%, it means that miners have less to sell than they are mine. In the table below, you can see that the images of today’s 74,59% is possible.
In the past few weeks, and sold to miners for more than that, they are dolven. But, as you wrote in an article one of us read it, it does not always have to be a problem. In a strong market to be able to miners to sell more, because of the increasing demand for bitcoin is still, however, allows for increasing the price.
What can bitcoin get?
Bitcoin has pretty fully recovered from the steep drop yesterday, as well as bitcoin miners go, the better it is. So, what can we now expect the exchange rate in the next few days? Actually, it will be the same zones as valid as it was yesterday. You are looking below, go to the weekgrafiek of bitcoin.
Bullish
Is a rise in the price in the first high resistance 13.839, the $ 11.763 million). This is the green line in the chart above.
Bearish
Drop the price? It is 11.461, the $ 9.740 euros) to the first major support for the orange line on the graph. In this line, this was hardly touched by the downturn.
That moves the price is below the orange line, that is $ 10,500 (8.934 euro), the next big focal point. This is the red line in the chart above.