Bitcoin Hits Lowest Hash Price: Is This the Perfect Time to Buy?

Bitcoin hash price has reached its lowest point, potentially signaling a buying opportunity. Analysts point to historical trends and recent market activity suggesting that Bitcoin may be nearing a bottom, with signs of a possible price recovery.

Bitcoin miners are currently grappling with a significant drop in profitability, as hash prices plummet to their lowest levels. This decline in hash price could be signaling a favorable buying opportunity for investors, according to recent data from CryptoQuant. Historical patterns suggest that low hash prices often coincide with Bitcoin prices nearing their lowest points, indicating a potential bottom in the market.

Bitcoin Hash Price as a Buying Signal

Woominkyu, a lead verified author at CryptoQuant, has highlighted the correlation between Bitcoin’s price and hash price in a recent chart. The hash price represents the profit miners earn per unit of computational work. Currently, Bitcoin’s hash price stands at a low 587.09M, down from a recent high of 703.79M.

Historically, when hash prices drop to these levels, Bitcoin prices tend to be near their lows as well. This pattern suggests that the current drop in hash price might be an indicator that Bitcoin is approaching a bottom, potentially offering a buying opportunity before the price recovers.

40,000 BTC Leaves Exchanges

Adding to this perspective, crypto chart analyst Ali Martinez noted a significant market move: a drop of 40,000 BTC from exchange supplies over the past 48 hours, equivalent to approximately $2.4 billion. This suggests that major investors are withdrawing their Bitcoin from exchanges, likely in anticipation of a price increase, indicating growing confidence in Bitcoin’s future value.

Bitcoin Price Analysis

Further optimism comes from the TD Sequential indicator on Bitcoin’s 12-hour chart, which has generated a buy signal. Analysts suggest that if Bitcoin finds support around $58,783 and manages to close above $62,042, it could rise by 5.5% to revisit its daily resistance level at $65,379. As of now, Bitcoin is trading at $59,316, reflecting a slight 0.46% drop in the last 24 hours, with a market cap of $1.17 trillion.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)