Bitcoin Miners Are Moving to Keep Mining Profitable as Halving Approaches

The long-awaited Bitcoin halving is set to happen in the next 6 days and the whole industry is on edge to see how this event could impact the price of BTC in the short-term. There are several arguments on whether or not the event will influence the short-term price of Bitcoin. In the long-term, however, the halving is going to be in the favor of bulls.

One of the short-term implications of the halving is that miners are now taking swift actions to keep mining profitable. This can be seen in Bitcoin’s hashing rate and is indicative that miners are upgrading their equipment to bolster efficiency and profitability.

Bitcoin’s hash rate is an industry-wide recognized indicator of the cryptocurrency’s fundamental strength. For several weeks now, the hash rate has surged to new all-time highs alongside Bitcoin’s difficulty level.

Bitcoin (BTC) Value Forecast — May 6

BTC/USD Major Bias: Sideways

Supply Levels: $9,500, $10,500, and $12,300.

Demand Levels: $8,000, $6,800, and $6,400.

BTC continues to show strong bullish strength, however, it is still locked in a battle with the $9,000 – $9,200 levels. Failure to successfully conquer the resistance at $9,500 could send the price of BTC to the $8,800 region or on a full retrace to the 200MA and support at $8,000.

The MACD oscillator depicts the steady rise of BTC and how it is expected to continue in that trajectory. The next 24 hours could be very determining for BTC’s next move.

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