The Bitcoin price climbed above $70,000 again today, after having a great rally since October. But, BTC buyers are having trouble keeping the price above $70K, so it seems like a near-term top might be in place. The daily chart setup is also forming a bearish reversing pattern, so we might see a decent retreat.

Bitcoin Daily Chart – A Bearish Reversing Pattern Forming

Today’s price action in Bitcoin (BTC) indicates a significant level of volatility in the market. After reaching a new high during the US session, BTC experienced a sharp decline, dropping below yesterday’s lows and entering a swing range between $68,000 and $68,600. The price has touched $68,500 now and sellers are increasing the pressure. Moving forward, the behavior of buyers and sellers will be crucial in determining BTC’s next direction.

Yesterday we saw a move above $70,000 but buyers couldn’t keep the price up there and the daily candlestick closed as a doji, which is a bearish reversing signal after the climb. Today buyers had another go and pushed the price just a tad higher, but once again they couldn’t keep it there, so BTC has reversed and lost around $2,000. This reversing pattern seems like the beginning of a retreating period for Bitcoin, after making a lower high this week, compared to the record high earlier this month.

If buyers fail to push the price back above the weekly high and establish support, further downside movement could be expected. Conversely, if buyers regain control and manage to overcome recent resistance levels, BTC may resume its upward trajectory. Traders will closely monitor key support and resistance levels to gauge market sentiment and potential price movements.

Bitcoin Mining Offering Higher Returnin February

The increased profitability of Bitcoin (BTC) mining in February compared to January can be attributed to several factors. One significant factor is the rise in BTC’s price during that period, compared to the increase in the hashrate. When the price of BTC increases, miners receive more rewards for successfully mining blocks, leading to higher profitability.

Additionally, the relatively slower increase in network hashrate during February also contributed to higher mining profitability. The network hashrate refers to the total computational power used to mine and process transactions on the Bitcoin network. If the growth in network hashrate lags behind the pace of price appreciation, mining becomes more profitable for existing miners.

In February, while the price of BTC rose by 15%, the growth in network hashrate was comparatively slower at 9%. This discrepancy between price growth and network hashrate growth resulted in increased profitability for Bitcoin mining operations during that period.

Bitcoin Live Chart