"The bitcoin price fell close to 50% from its early-October high near $125,000 to a February low around $60,000. That decline placed bitcoin below its estimated average production cost for the first time since late 2022, a zone that has often aligned with late-stage selling and price stabilization."
"Bitcoin bounced from the 0.786 Fibonacci retracement near $62,000, a level that aligned with prior daily support, according to Bitcoin Magazine Pro data. Buyers defended that zone across multiple sessions before the bitcoin price turned higher. The rally off that base unfolded with expanding volume, suggesting fresh participation rather than short covering alone."
"The Hash Ribbon, which tracks short- and medium-term hash rate trends, sits close to a recovery signal after nearly three months of miner stress. That period ranks among the longest capitulations on record. During such phases, miners often sell reserves to cover operating costs, adding steady supply to the market."
Bitcoin rallied more than 7% to exceed $69,000, marking one of its strongest daily moves following months of decline. The price had fallen approximately 50% from its October high near $125,000 to a February low around $60,000, dropping below the estimated average production cost of $66,000 for the first time since late 2022. Bitcoin bounced from the 0.786 Fibonacci retracement near $62,000, a historically significant support level. The rebound occurred with expanding volume, suggesting genuine buying interest. Technical focus now centers on the mid-$70,000s point of control, where concentrated trading activity occurred before the recent breakdown. Mining data shows the Hash Ribbon approaching a recovery signal after nearly three months of miner stress, historically a prolonged capitulation period.
Read at Bitcoin Magazine
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