Introduction:

The Texas power crisis is casting a shadow on Bitcoin’s price recovery, with miners forced to halt operations due to ongoing power problems. This disruption in the heart of Bitcoin mining territory threatens the cryptocurrency’s hash rate and could compel miners to liquidate their equipment, impacting the overall market dynamics.

Bitcoin:

Texas power crisis threatens miner reserves, delaying bitcoin price rebound.

Since approximately three weeks ago, the price of Bitcoin has been stuck between $25,500 and $26,000 with little hint of a rise.

The continuous power issue in Texas is forcing the BTC miners to stop, which may lower the hash rate. Since Texas is home to Ant Pool, which provided 22.5% of the Hash Power, the issue might cause miners to liquidate their equipment.
As Texas struggles with its ongoing power problem, bitcoin miners there are turning off their equipment. Texas is one of the best locations for Bitcoin miners due to its low energy costs and comparatively lax regulations.

Technical Overview:

Moving Averages:

Exponential:

• MA 5: 25873.98 | Negative Crossover | Bearish
• MA 20: 26349.65 | Negative Crossover | Bearish
• MA 50: 27349.87 | Positive Crossover | Bullish

Simple:

• MA 5: 25822.57 | Negative Crossover | Bearish
• MA 20: 26108.89 | Negative Crossover | Bearish
• MA 50: 27906.11 | Positive Crossover | Bullish
  
  

RSI (Relative Strength Index): 39.43 | Selling Zone | Bearish

Stochastic Oscillator: 53.46| Buy Zone | Positive

Resistance And Support Levels :

• R1: 26393.21 | R2: 27625.52
• S1: 25601.02 | S2: 24720.80

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 25283.75 | Take Profit: 24704.46 | Stop Loss: 25692.67

Elsewhere In the Crypto Market.

Grayscale Ethereum Trust discount shrinks to the lowest level in a year, traders await spot ETH ETF approval. Ripple adds Nevada to its regulatory licenses and acquires web3 infrastructure provider Fortress Trust.

Bitcoin is lower (0.21%) at 25,854.60, Ethereum is down (0.08%) at 1,634.71, Litecoin is up (0.24%) at 62.75, Solana is down (0.05%) at 19.55, Dogecoin up (1.26%) at 0.63.