BTC analysis for 05.12.2020 – Watch for selling on the rallies due to massive drop in the background. Downward targets set

By | May 12, 2020
InstaForex
BTC analysis for 05.12.2020 - Watch for selling on the rallies due to massive drop in the background

Relevance up to 07:00 2020-05-14 UTC–5

BTC News:

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As the Bitcoin (BTC) network is adjusting after its third mining reward halving, first signs of the falling hashrate are starting to appear, while block time, which should, in theory, be around 10 minutes, dropped to 1 minute on multiple occasions as first 100 post-halving blocks are being mined.

While there is no specific data point on how much hashrate has dropped just yet, Johnson Xu, the Chief Analyst at token data and rating agency TokenInsight, estimates it’s around 15%. Bitinfocharts.com now shows that hashrate dropped by 3% in the past 24 hours (10:33 UTC) and this number keeps growing, as just a few hours ago it still showed an increase.

Technical analysis:

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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