RATE Group | Bitcoin Fell 50% From $6,000 After This Signal Appeared, and It’s About to Happen Again
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Bitcoin Fell 50% From $6,000 After This Signal Appeared, and It’s About to Happen Again

15 Mar Bitcoin Fell 50% From $6,000 After This Signal Appeared, and It’s About to Happen Again

Posted at 11:14h in Bitcoin News by

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Bitcoin really hasn’t done too well over the past few days; since the $9,200 peak seen on Saturday, the price of the cryptocurrency crashed as low as $3,800, marking a more-than-50% crash from the weekly high.

Unfortunately, a key signal suggests that the prospects of recovery may be diminishing.

Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions

Key Bitcoin Signal Seems Poised to Flash

While many stories in the media paint Bitcoin mining as a key to easy riches, this isn’t always the case; over the past few months, it has been estimated that the cost of mining a single BTC came in around $8,000, assuming standard electricity prices and the newest publicly-available hardware.

This means that with the weakness, higher-cost miners have been forced out of the market, marked by the 30% drop (per data from Blockchain.com) from the all-time high hash rate established just last week.

This means that the Hash Ribbons, an…

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