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A supply shortage of Bitcoin looms as miners struggle with decreasing earnings. According to the data released by Glassnode, the total network fees paid to miners are now $21,256. This is the lowest amount attained in the past five months.
2. Miner’s Profitability: Miners need to evaluate their operations with reduced rewards. If the price of Bitcoin doesn’t increase to offset the reduced rewards, some miners might find it unprofitable to continue.
— Stocktwits (@Stocktwits) August 22, 2023
Learn more on Stocktwits via X.
As a result of the frustration ensuing from the continuous decline in miners’ rewards, less efficient miners might ultimately shut down their rigs. Consequently, this might decrease the supply of Bitcoin, thereby causing a surge in the price of BTC in the long run.
Watch to learn more. Read further to discover the BTCUSD market status.
Key Bitcoin Levels to Watch (August 22)
Amidst the exuberant crash to the downside since the bounce off the $31862.20 resistance, the overall market trend remains bullish. The market’s overall trend emerged some months ago as prices recovered from the bearish season.
The market has been going down since the price reached a resistance point of $31862.20, as shown by the MA Cross. The RSI (Relative Strength Index) suggests that the market is oversold. This implies that the market’s uptrend is likely to resume soon.
Key Bitcoin Levels
Resistance Levels: $31862.20, $35418.00, $38974.00
Support Levels: $24750.00, $19568.50, $15512.00
Total Market Capitalization: $1.05T
Bitcoin Market Capitalization: $507B
Bitcoin Volume: $13B
Market Rank: #1
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