Bitcoin analysis for 05/06/2018

According to the latest version of the Coinshares report, at least 77.6% of Bitcoin's output is powered using renewable energy sources. The report contains very interesting information on energy sources used by BTC miners. Interestingly, this is the total opposite of the information circulating in the media that the Bitcoin network is burdening the environment.

The Coinshares report focuses on the level of renewable energy use in China, where based on a survey conducted in 2017 it was estimated that 60% of mining equipment is located in other parts of the world, for example in the United States, where mining activity increased in the last year or two.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market tried to rally, but the bulls were not able to break through the short-term resistance at the level of $3,994 and the price reversed towards the technical support at $3,692. This is the next target for bears as the dominant trend is still down. The momentum remains weak and negative and any violation of the level of $3,692 will only accelerate the sell-off. The main technical support is seen at the level of $3,440.

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The material has been provided by InstaForex Company - www.instaforex.com