Energy Deflation May Increase the Profitability of Bitcoin Miners

Although the cost of mining has skyrocketed by about 200% this year, researchers’ expectations remain in favor of Bitcoin miners. As interest in renewable energy soars in the United States, the demand for natural gas plummets. As expected by the U.S. Energy Information Association, a depreciation in the price of energy is looming.

While the majority of nations are very antagonistic to the development of Bitcoin mining, some states, such as New Mexico in the United States, continue to support miners with low taxes and benevolent regulations. It’s also important to note that stocks related to the Bitcoin mining industry are causing a lot of controversy and making enormous profits. Due to the anticipated energy deflation as well as other factors that favor Bitcoin mining, BTC is anticipated to experience a strong surge concurrently.

Key BTC Levels To Watch – April 30

The sell-side liquidity (SSL) grab below $16680.00 fueled the new market trend. As a result of the explosive move due to the sell-side liquidity grab, the previous resistance at $19569.00 was broken and was retested after two months.

According to the Moving Average, BTC resumed its upward trend following the retest at the $19569.00 price level. Following another sell-side liquidity grab below $27228.00, the price of Bitcoin is now heading into a mitigation block created around the $30000.00 price level.

Bitcoin Key Levels

Resistance Levels: $31050.00, $32933.00, $37401.00
Support Levels: $25289.00, $19569.00, $15460.00

Total Market Capitalization: $1.22T
Bitcoin Market Capitalization: $574.30B
Bitcoin Volume: $13.10B
Market Rank: #1

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