The price recently found support at $35,130 after facing intense selling pressure.
At the time of writing, Bitcoin is trading at $35,816, down 1.86% in the last 24 hours.
Binance’s CEO, Changpeng Zhao (CZ), thinks Bitcoin mining is the most outstanding business model ever. This observation came as news surfaced that miners were raking in record amounts of money from block rewards and transaction fees, with some days seeing earnings of over $44 million.
This number exceeded the April 2022 peak and represents a record high for the last year. The current Bitcoin mining income model is based on the block reward of 6.25 BTC and transaction fees.
Moreover, the CEO of Ark Invest, Cathie Wood, has said once again that Bitcoin’s price has the potential to reach $600,000. In a recent interview with major media outlet, Wood made this prediction while discussing the future of Bitcoin and the digital currency market as a whole.
Bears in Control
After recent optimism caused traders to pay abnormally high fees to maintain their long positions, funding rates on the futures of prominent cryptocurrencies have begun to recover to normal levels.
Open interest jumped to almost $35 billion over the weekend, suggesting significant leveraged bets from traders anticipating more price increases due to large swings in spot markets. From the $24 billion recorded at the end of October, this represents a growth of about 40%.
At the time of writing, Bitcoin is trading at $35,816, down 1.86% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume increased 29.86%. The price recently found support at $35,130 after facing intense selling pressure.
If the price manages to go below this recently found support then it will likely decline further to test $34,260 support area. Contrarily, if the price breaks above $36,760 level, then it will likely test $37,480 resistance level.