A key factor to pay attention to when analyzing Bitcoin is the global hash rate, which historically tends to lead price trends.
In July, the hash rate reached a macro low, while Bitcoin fell again in August, but the larger trend is evident, leading to a breakout from October to November.
Now, the hash rate has returned to historical highs, while Bitcoin remains volatile. Although this does not provide much clarity for short-term time frames, I believe it is a strong convergence point for the larger trend.
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