Bitcoin Computing Power Drops to December 2022 Levels

According to CryptoQuant's data and analyst opinion, the Bitcoin network's arithmetic decline has fallen to levels not seen since December 2022, when the FTX crash triggered a bear market. The current real Bitcoin arithmetic decline of -7.6% suggests that Bitcoin prices may have bottomed out. Other indicators such as the Bitcoin Exchange Reserve, Miner Position Index (MPI) and Bitcoin Miner Reserve are also showing low selling pressure, supporting the idea of a market bottom. Charles Edwards, founder of Capriole, noted that the Bitcoin Arithmetic Band indicator is sending out a buy signal, reflecting a slowdown in the network's computing power. Market analyst Will Woo said the market won't reach new highs until weak miners are forced to shut down operations. The recent 90 percent drop in withdrawals from bitcoin miners after the halving further suggests that selling pressure is easing and the bitcoin price is expected to continue to rise.