Bitcoin news

Bitcoin's price goes up to $ 9.600, but the future is uncertain for miners

The race continues price Bitcoin ... halving Bitcoin it's getting closer.

BTC gained nearly 8% to hit a daily high of $ 9.660, but the price is still not adequate for small BTC miners.

Il Bitcoin price (BTC) has reached the listing of $ 9.700. Previously, the price had risen to nearly $ 9.400 before consolidating within the $ 9.300 zone.

The strong upward trend pushed the BTC above the resistance area of ​​$ 8.800- $ 8.930. But what will happen next is not clear for Bitcoin miners.

Currently, it appears that many traders are now looking for $ 9.200 to provide strong support.

It appears that Bitcoin is gradually climbing towards the $ 10.000 level. In such a scenario, the $ 9.300 to $ 9.400 level could become a sticking point.

bitcoin price rises to 9.600 May 14 - Bitcoin price rises to $ 9.600, but the future is uncertain for miners

Technical review of Bitcoin

The current price consolidation it is accompanied by a steadily declining volume of trade. This means that the number of HODLERS could increase.

Bitcoin's price looks set to continue to consolidate above the $ 9.260 to $ 9.334 zones in the near future.

That area hosts a high volume VPVR node and also coincides with the base of the bull flag.

The downward trend line originating from the May 7 high of $ 10,070 is still intact.

Twice during the May 14 trading session, the price encountered significant resistance on that trend line.

The current rally has pushed the price above the uptrend channel, and so far, bitcoin has found support at the top of this channel.

Improvement of investor confidence

Previous reports have revealed that Bitcoin has quickly recovered from the lows of $ 8.122 earlier this week gaining nearly 15% so far.

That steep recovery was accompanied by a dip in the volatility of the cryptocurrency.

Now that the event ofhalving Bitcoin is near, the volatility experienced on March 11 may end. But a sharp drop in recent lows should also not be ruled out.

In the short term, traders should consider trading volumes as an increase in sales volume can bring the BTC price back to the level of $ 9.200 - $ 9.150.

The future is unclear for Bitcoin miners

Although Bitcoin has gained over 14%, the current value may not be adequate to support small and less efficient miners.

This scenario can shift the dynamics of the market. At the moment, Bitcoin has risen by more than 6% in the past 24 hours, coming in at around $ 9.500.

The cryptocurrency is trading above its 10 and 50 day moving averages.

Many of the technical indicators are bulls and a steady upward trend has occurred since the first trades on May 13th.

Some miners may be in trouble, with prices not continuing to rise as expected.

Performance fees increased from 4,6% before the half to 7% on May 13, according to Glassnodes.

 

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Jacqueline Facconti

Graduated in Business Economics and Strategy, Management & Control with 110 cum laude from the University of Pisa, editor and editorial collaborator for various blogs and Economic and Business sites

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