Technical Analysis:
BITCOIN is trading around 6700 right now and price gave a MSS on 15min tf and 1H tf. If price comes around 66300-66600 we can look for buying opportunities from here and target 68000 and above areas.
Fundamentals:
Bitcoin's BTCUSD mining profitability has seen a major increase as it provides much-needed relief to BTC miners. Renowned crypto analyst Ali Martinez tweeted that miners are going to be profitable again. He said that the average BTC mining cost currently stands at $69,510. With the Bitcoin price around the $67,000 level, Martinez sees relief for miners.
Notably, a plethora of factors could have contributed to the surge in profitability for Bitcoin miners. First, the recent increase in the BTC price has definitely improved miners' profitability. Data shows that miners can get better margins when the price of Bitcoin reaches the level of the average mining cost.
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
