The decline in Bitcoin's computing power to the level of December 2022 may indicate that its price might have hit bottom

According to BlockBeats news on July 2, data from CryptoQuant shows that the computing power of the Bitcoin network has dropped to a level not seen since December 2022 when the FTX crash triggered a bear market. The current real drop in Bitcoin's computing power is -7.6%, indicating that the price of Bitcoin may have bottomed out.

Other indicators such as Bitcoin exchange reserves, Miner Position Index (MPI), and Bitcoin miner reserves also show low selling pressure, supporting the view of a market bottom. Charles Edwards, founder of Capriole, pointed out that the bitcoin hash rate indicator has issued a buy signal reflecting a slowdown in network computing power.

Market analyst Will Woo stated that the market will not reach new highs before weaker miners are forced to shut down operations. Recently, after halving, withdrawals by bitcoin miners have decreased by 90%, further indicating reduced selling pressure and suggesting an expected continued rise in bitcoin prices.