Bitcoin hashrate drops to December 2022 levels

According to CryptoQuant data and analyst opinions, Bitcoin hashrate has fallen to its lowest level since the FTX crash in December 2022, currently at -7.6%, suggesting that Bitcoin prices may have bottomed out. Other indicators such as exchange reserves and miner position indexes also show low selling pressure, supporting the view that the market is at a bottom. Capriole founder Charles Edwards pointed out that the Bitcoin hashrate band indicator sends a buy signal. Market analyst Will Woo believes that the market will not reach new highs before weak miners shut down operations. Miner withdrawals fell by 90% after the halving, further reducing selling pressure. Cantor Fitzgerald warned that after the 2024 halving, 11 mining companies such as Marathon Digital may face the risk of unprofitability due to high costs and low rewards.