Analysis of the weekend BTC price drop
The sharp drop in the price of Bitcoin has restored the bearish trend. Sunday's 4% drop created a bearish engulfing candle, exacerbating the bearish sentiment. Long liquidations totaled $111M on Sunday and continued with $75M early Monday, reinforcing the bearish trend.
Bitcoin network hashrate reduction
The Bitcoin network hashrate decline has reached critical levels last seen in December 2022. Historically, such declines have preceded major price movements, suggesting a possible market bottom or impending bull phase. However, current price developments continue to indicate bearish trends.
