Post
Topic
Board Speculation
Re: When will the price of Bitcoin break below the $6,000 support level?
by
BitHodler
on 30/09/2018, 20:47:29 UTC
So for now I do not see bitcoin to break $6k levels at all, it is a psychological price level where miners do not allow you to sell, they buy as many as they can afford when the price goes below that to keep it higher.
Miners buying to support the price? Highly unlikely. I'm even of believe that they aren't really that worried about the price to drop because that forces less profitable miners to turn off their machines.

In that case it means the difficulty goes down which makes mining slightly more profitable for those who continue mining, and that slightly better profitability is enough to counter lower exchange rates.

I think it's more the overall trend and support levels that traders respect. The market has been taken over by bots and whatnot operating within a safe range they aren't willing to break.