Bitcoin lunch: price BTC and crypto flat. Inflation, mining, key quotes

By now it is lunch time again. We take a look at the live Bitcoin (BTC) price and the prices for the top 25 crypto. We also look at the remarkable reaction of the BTC price to the inflation figures. Then we analyze the declining mining costs and its danger. Finally, we look at the current market situation and key quotes for the Bitcoin price.

We start as usual with the live Bitcoin (BTC) price and the prices of the top 25 crypto.

Live Bitcoin (BTC) price and prices top 25 crypto flat

At the time of writing, the live Bitcoin (BTC) price is quoting EUR 19,405.48 ($19,764.14). This is 0.15% lower than during our Bitcoin lunch yesterday.

The prices of most crypto from the top 25 are also flat, but there are positive outliers. The biggest gain is currently for Polygon (MATIC) at +11.60%. The biggest loss is for Dogecoin (DOGE) at -2.37%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.

Bitcoin (BTC) price unimpressed by inflation figures, but…

We already saw last night that after an initial dip, the Bitcoin and crypto market did not appear spooked by record inflation in America. So far, this remains true. The price rose for a long time and even briefly exceeded $20,000 this morning. This is obviously a good sign as it gives the BTC some luster back to its name as a hedge against inflation. Also, the Bitcoin is setting trends for many other cryptocurrencies.

Still, there are 2 major caveats to consider. The rise above the psychologically important $20,000 threshold is not sustainable for the time being as the price is now below it again. So we are still following a bearish price pattern.

Secondly, there is also a high correlation between US tech stocks and Bitcoin. So, as we saw earlier, it may well be that the price will still fall during the course of today.

Costs of BTC mining drop. What does this mean for the BTC price?

JP Morgan published a survey today showing that the cost of mining Bitcoin has dropped. At the beginning of June they were still at $24,000, but now they are around $13,000. This seems like a good sign. After all, lower costs mean that miners need to sell less BTC to make a profit. So there is less price pressure on BTC. If we look further, we see that the reality is different.

In fact, the lowered costs are mainly caused by foregoing expensive energy. Also the closing of miners due to high temperatures, like in Texas, depresses the price. This creates 2 disadvantages for the Bitcoin price:

The decline in the cost of BTC mining is not sustainable;
Fewer miners make the network less reliable.

In addition, there is a third problem. The cost of mining BTC is seen by many analysts as the price floor for Bitcoin. The idea is that it must remain profitable for miners to mine because this is necessary to keep the network stable. Now that costs have been lowered, the bottom will also be lower (if this theory is correct, the bottom is now around $13,000). It is striking that the bottom due to the new mining price is in line with the analyses of other analysts.

These are the key quotes for Bitcoin (BTC) price in the short term

With the BTC falling below $20,000.00, we see a very tight range forming. The resistances are at $20,000, $21,200 and $22,498.

In addition, we see that the Bitcoin (BTC) support levels are also getting closer and closer. For example, these are now around $19,600.00, $19,250.00 and $18,500.00. With that, today’s US trading day may well produce a trend for the coming days.

We will of course continue to follow developments and report back in our crypto update tonight.

Want to stay up to date with the latest price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”

Exit mobile version