Due to the criticism, Bitcoin miners have to deal with, particularly from the Chinese government, the majority of miners are starting to turn their attention to Texas. This has resulted in a marked increase in mining activity in Texas. Recently, Reuters confirmed that in 2022, the amount of energy used by mining operations in Texas increased by more than 75% compared to the prior year. Notably, Texas used to be one of the states that provided tax benefits to miners.
However, things are about to turn around as the mining industry faces a proposal to levy a 30% excise tax on the cost of powering crypto-mining facilities. The rise in these difficulties has thus led to longer bitcoin transaction times and higher transaction costs. Moreover, environmentalists have been criticizing bitcoin miners as a significant source of greenhouse gas emissions. Investors in BTC may start looking for alternatives as these problems get worse, which would have a long-term detrimental impact on the growth of bitcoin.
Key Bitcoin Levels To Watch – March 26
The last phase of the bullish trend began after price grabbed buy orders at the liquidity void below the $21478.0 resistance. According to the MA Cross, the market flipped bullish as it rallied away from the demand zone.
As BTCUSD rallied away from the demand zone, it continued alongside a diagonal resistance. A bearish order block is in the oversold region according to the RSI indicator. The buying pressure from the bearish order block and the diagonal resistance might eventually cause a massive crash to the downside.
Bitcoin Key Levels
Resistance Levels: $32384.0, $34322.0, $37401.
Support Levels: $25215.0, $21478.0, $18385.0
Total Market Capitalization: $1.17T
Bitcoin Market Capitalization: $539.36B
Bitcoin Volume: $13.65B
Market Rank: #1
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