Bitcoin, which is having a hard time with network congestion, may change its direction in the next few hours. Technical analyst Eylem Cülcüloğlu expects the descending triangle formed on the current BTC chart to make its decision within hours.
“The calf’s tail will be cut off in a few hours.”
Eylem Cülcüloğlu, who has 270 thousand followers on X, draws attention to the descending triangle formation on the current Bitcoin chart. According to their analysis, Bitcoin price started to get stuck inside the triangle. Technically, this means that the price will soon trend up or down. Warning crypto investors, Cülcüloğlu says that the coming hours will be very critical for Bitcoin:
A descending triangle was formed and it became narrower inside the triangle. The calf’s tail will be cut off in a few hours. I say it explodes down. Everyone has their own money and their own decision.
Alçalan üçgen oluştu ve iyice üçgenin içinde darlaştı. Dananın kuyruğu birkaç saate kopar. Ben aşağı patlar diyorum. Herkesin kendi parası kendi kararı. pic.twitter.com/L6JjcNAvMt
— Eylem Cülcüloğlu (@EylemCulculoglu) September 7, 2023
Bitcoin may fall hard!
According to Cülcüloğlu, Bitcoin will gain downward momentum from the formation in question. BTC price is currently trading near the $25,600 region, where it remained stuck for most of the day. In a potential bearish scenario, their closest support lies in the $24,800 – $25,200 region.
Meanwhile, the analyst once again emphasized in another post that he expects a decline. The leading crypto is experiencing a negative day in terms of network as well as price movements.
Bitcoin toprağa bakıyor.
— Eylem Cülcüloğlu (@EylemCulculoglu) September 7, 2023
As reported by Kriptokoin.com, more than 500,000 transactions are currently waiting for approval on the Bitcoin network. The leading crypto, which spent the day with horizontal movements in the $ 25,600 region, will clarify its course through the descending triangle formation in the coming hours.
Bitcoin miners are having a hard time: They could trigger selling pressure
Elsewhere, CryptoQuant analyst Mignolet claimed that one of the biggest challenges facing Bitcoin miners is cost pressures. The claim is based on analysis of Bitcoin’s miner position index (MPI). The same metric is used to indicate the level of pressure miners face in terms of cost pressures.
The increase in miner revenue reflects the activity observed recently. Bitcoin’s price action is declining, but there is still a lot of activity. Despite the above observation, the pressure facing miners was still evident in some metrics.
One of the best examples is Bitcoin’s miner reserve metric, which has been registering some negativity since the last week of August. It is also worth noting that miner reserve outflows stabilized at the beginning of September.
We can explain the low Bitcoin miner flows with the current uncertainty. In particular, mining revenues are also slowing down, so miner entry is also decreasing. On the other hand, miners are still optimistic about the potential rise, especially after Bitcoin’s recent decline. Therefore, they expect higher prices in the future, which will bring more profit.
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