Bitcoin Remains on the Backfoot as Bears Keep the Pressure
The Bitcoin (BTC) market has been on the receiving end of intense bearish pressure as the benchmark cryptocurrency sits at a two-year low and threatens further declines.
Due to the bearish state of the market, the revenue earned by Bitcoin miners has dropped to a two-year low, in tandem with the crypto asset’s price, with rising network difficulty triggering demand for more computational power. These factors, among others, have made the business of minting Bitcoin significantly difficult.
Speaking of, the difficulty of mining a single block of Bitcoin has jumped to a record high of close to 37 trillion, further forcing miners to spend more energy and computational power to stay afloat.
However, one saving grace for miners of recent is the ongoing downturn in the Bitcoin hash rate over the past 30 days, which has helped miners make back some losses. Meanwhile, the total Bitcoin mining revenue in the US has fallen to a November 2 low of $11.67 million.
Survey On US Citizens Show Confidence in Crypto is Low
In other news, a recent survey by Morning Consult shows that most US citizens believe that the price of Bitcoin could likely fall to $11,500 anytime from December until the next six months.
The survey highlighted that many Americans have turned bearish on the crypto market following the tragic FTX crash. This highlights a worrying decline in confidence in the cryptocurrency market.
Interestingly, 21% of the respondents indicated that they planned on purchasing cryptocurrencies in December despite the ongoing crypto winter.
Glassnode Report Shows Retail Bitcoin Wallet on the Rise
On the bright side, a recent Glassnode report shows that the number of Bitcoin investors holding between 0.1 BTC and 10 BTC has reached a new record high. According to the on-chain intelligence firm, total wallets holding over 0.1 BTC recently tapped the 4.07 million mark, while wallets holding between 1 and 10 BTC tapped 952,754.
Confirming this bullish sentiment was popular crypto analyst Willy Woo, who argued that the bottom for the flagship cryptocurrency was close. Woo’s assessment of things is led by the Max Pain model, which suggests that Bitcoin has hit its bottom when 58% to 61% of all tokens are running at a loss.
BTC in a Free-Float State
Following a rebound from the $15,600 base between November 22 and 23, Bitcoin appears to have lost every inkling of steam and is trading in a free-float state.
With only a few days left in November, the benchmark cryptocurrency is set to record its second-worst monthly performance for the year, behind June.
With the current state of things and the unfolding developments, it remains to be seen how BTC plans to make a recovery over the coming weeks.
BTC Statistics Data
BTC Current Price: $16,535
BTC Market Cap: $317.7B
BTC Circulating Supply: 19.2M
BTC Maximum Supply: 21M
BTC Market Ranking: #1
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This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.