We Broke & Closed Below The 200 Moving Day Average
This has never happened in all of Bitcoins history during a bull run; there is a likely chance we are back into a bear market and could see declines below 6k. Be careful trying to make an entry as more pain is likely over the next few months.
Also worth noting is that the all time high hash rate is placing a great amount of pressure daily as miners dump bitcoin to fund expensive operations to keep the lights on (though they usually try to hold off on selling as long as possible, eventually they need to sell). The high hash rate is a double edged sword. We are at a far higher difficulty than when the equilibrium could not be sustained at 6k.
Also worth noting is that the all time high hash rate is placing a great amount of pressure daily as miners dump bitcoin to fund expensive operations to keep the lights on (though they usually try to hold off on selling as long as possible, eventually they need to sell). The high hash rate is a double edged sword. We are at a far higher difficulty than when the equilibrium could not be sustained at 6k.
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