Bitcoin prices have suffered some notable declines over the last few days, dropping from nearly $65,000 to less than $58,000 as multiple variables have combined to push the cryptocurrency lower.

The digital currency, the world’s largest by total market value, fell to roughly $57,850 today, according to Coinbase data provided by TradingView.

The cryptocurrency declined to this level after rising to more than $64,800 on August 25, additional Coinbase figures from TradingView reveal.

The digital asset has since recovered some of these losses, trading close to $59,100 at the time of this writing.

‘Strong’ Technical Resistance

After reaching its loftiest value in roughly three weeks on August 25, bitcoin may have changed course and started trending lower as a result of encountering significant technical resistance close to the $64,000 level, according to Julio Moreno, head of research for CryptoQuant.

“The selling could have been triggered by technical factors as the price found resistance around the $64K mark, which is the On-chain trader’s realized price, a key technical level,” he stated.

The chart below depicts this on-chain realized price along with the corresponding profit or loss:

Robust Exchange Inflows

On August 26, when bitcoin was already heading lower, a significant amount of the cryptocurrency flowed onto spot exchanges, according to additional CryptoQuant data.

The substantial movement of the digital currency onto these marketplaces, which happened again on August 27, signalled selling pressure, Moreno noted.

The chart below illustrates these movements:

These developments helped accelerate bitcoin’s downward movement, he claimed.

Long Squeeze

The decline in bitcoin caused a long squeeze, meaning that many traders had to liquidate their long positions as the cryptocurrency fell in value.

Steven Lubka, head of Swan Private at Swan Bitcoin, singled this out as a major contributor to the notable decline the digital asset suffered over the last several days, clarifying this via email.

The chart below illustrates the sharp increase in liquidations that took place on August 27:

Nvidia Results

Another major factor that analysts singled out as having an impact on bitcoin’s recent price movements was the market’s response to the latest financial results issued by chipmaker Nvidia Corporation, which trades under the ticker symbol NVDA.

Tim Enneking, managing partner of Psalion, commented on these results, as well as the impact they had on a wide range of risk assets.

“As for today’s specific move, it’s correlated with fiat markets and the outlandish expectations for Nvidia revenue and profit – which exceeded predictions in all cases, but didn’t blow out the high end of the various analysts’ ranges,” he stated via email.

“So it’s down 8% (as of this writing) in after-market trading and has been dragging every risk-on market down for the past 24 hours or so because of ‘fear’ of precisely these results,” Enneking added.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

SPONSORED POST*

Want to mine Bitcoin but don’t have the best cloud mining gear? Bitcoin cloud mining is a popular solution,In this blog post, we will explore the top seven free cloud mining platforms that can help you start your journey towards financial freedom. Discover how you can leverage technology to earn money effortlessly with cloud mining in 2024!

Cloud Mining vs Traditional Mining – Key Differences

The fundamentals of cloud mining and traditional mining are the same. The objective is to solve complex cryptographic equations to earn blockchain mining rewards. However, there are some key differences between the two:

Traditional mining – allows you to keep 100% of your mining rewards without going through a third party. Instead, you’ll be connecting a specialist hardware device to your own local network. However, it comes with significant cost implications. For instance, if you’re looking to make a profit by mining Bitcoin, you’ll need a significant capital outlay to buy specialized hardware devices. These are usually not just one, but enough to generate sufficient levels of hashing power.

Cloud mining – eliminated the worry about energy costs, as this is taken care of by the provider and deducted from your return on investment. You also won’t need to invest significant sums in buying an entire mining rig. Instead, you’ll simply need to cover the cost of the hashing power contract.

Top 7 Free Cloud Mining Platforms

Are you looking to dip your toes into the world of cloud mining without having to invest a significant amount upfront? Look no further! Here are the top 7 free cloud mining platforms that can help you kickstart your passive income journey.

1. GDMining: GDmining offers efficient and accessible cloud mining solutions for cryptocurrency enthusiasts. By leveraging advanced technology, GDmining provides a hassle-free way to mine a variety of digital currencies without the need for expensive hardware or in-depth technical knowledge.

Key Features

• Cloud Mining: Start mining cryptocurrencies without the complexities of setting up your own hardware.
• Multiple Cryptocurrencies: Mine popular digital currencies like Bitcoin, Ethereum, and Litecoin.
• User-Friendly Platform: Navigate an intuitive interface designed for both beginners and experienced miners.
• Flexible Mining Plans: Choose from a variety of plans to fit different budgets and mining goals.
• Real-Time Monitoring: Access real-time statistics to monitor your mining performance effectively.

How to Get Started with GDMining：

①Sign Up: Visit the GDMining website and sign up using a valid email address. New users receive a $50 bonus immediately upon successful registration.

②Choose a Contract: Browse the available cloud mining contracts and select the one that suits your investment level and goals. Contracts vary in price, duration, and daily rewards, providing options for all types of investors.

③Start Earning: Once a contract is purchased, daily profits are automatically deposited into the user’s account. Withdrawals are processed promptly with no fees, and users can choose their preferred cryptocurrency for withdrawals.

Trending Contracts：

GDMining offers a variety of contracts to meet different investment needs. Some of the popular options include.

2. Binance 

Binance emerges as a premier choice for short-term cloud mining, offering 90-day contracts exclusively for Bitcoin. The process is straightforward, requiring a Binance account, which takes less than a minute to open. While Binance’s Bitcoin cloud mining is renowned for its simplicity and daily payouts, there are some considerations regarding minimum requirements and estimated outputs displayed exclusively in Bitcoin, potentially adding complexity to the investment decision.

3. Ecos

Founded in 2017, Ecos has earned its reputation as a trailblazer in the cloud mining industry by being the first provider to operate with legal status. With over 250,000 users, Ecos offers a reliable and legitimate platform for mining various cryptocurrencies without the need for specialized equipment. 

4. Hashing24

With a decade of operational excellence, Hashing24 has emerged as a stalwart in the Bitcoin cloud mining domain, specializing in Bitcoin mining. Boasting active mining farms across Canada, Georgia, Norway, and Iceland, Hashing24 offers user-friendly features and displays all contract terms in US dollars or euros, simplifying the assessment of potential returns.

5. F2Hash

Launched in 2021, F2Hash has swiftly become a notable player in the cloud mining arena, offering tailored plans for both large and small-scale investors. With diverse options like the Enterprise Flash Plan, Pro Flash Plan, and the entry-level Explorer Plan, F2Hash aims to cater to a wide range of investment preferences. 

6. BitFuFu：The BitFuFu platform has over 17 mining farms spread across the globe with millions of users. It offers a user-friendly one-click order or more customizable contracts where you will need to do a little technical analysis.

7. IQ Mining: IQ Mining is a leading cloud mining service provider that combines mining with trading to optimize returns. It offers a seamless and efficient way for users to mine a variety of cryptocurrencies without the need for expensive hardware or technical expertise.

Conclusion：

The primary objective of cloud mining is to earn passive income. As soon as you purchase your chosen mining contract – you can sit back and allow your money to work for you. There is no input required from you at all. and GDMining is the best option to achieve this goal.Join GDMining now and witness your income rapidly grow in 2024! 

For more information, please visit the official website:https://gdmining.com/.

*This article was paid for. Cryptonomist did not write the article or test the platform.