• Bitcoin miner reserve balances have remained stable in February, with miners still making a profit due to the appearance of Ordinals.
• BTC has surpassed the $24,000 mark and is attempting to cross the $25,000 resistance zone.
• The increase in block size is attributed to Ordinals increasing miner profitability and contributing to transaction fees.
Bitcoin Miner Reserve Balances Remain Stable
The bitcoin miner reserve has stayed steady throughout February, allowing miners to make a profit thanks to the emergence of Ordinals on bitcoin blockchain. This has been made possible by a rise in BTC difficulty since July 2022, as well as an increase in block size due to Ordinals.
Bitcoin Price Surpasses $24,000
BTC recently surpassed the $24,000 mark and is now attempting to break through the $25,000 resistance level. Currently trading at around $24,862, it has moved below the 100 hourly simple moving average and is now trading above the 23.6% Fib retracement level from its swing high at 25190 down to its swing low at 23867.
Ordinals Increase Miner Profitability
Ordinals allow for larger block sizes on bitcoin blockchain by incorporating videos and images into transactions being processed on-chain. This increase in block size translates directly into more transaction fees for miners while also creating additional effort when processing blocks on network – both of which add up towards higher mining profitability levels this month compared to January 2023 where miners were struggling financially due to crypto winter conditions of 2022.
Immediate Resistance Level Set At $24,550
In order for BTC prices to continue their upward momentum past $25k there needs be a clear breakthrough of the immediate resistance level set at 24550 as well as major resistance at 25000 before hitting another potential high near 26200 if all conditions are met accordingly. Should this not take place then prices could slump lower again below 24500 support level once more without breaking any major barriers ahead of time.
Conclusion
It appears that even though market conditions have been difficult for many miners throughout last year’s crypto winter period – recent developments such as the introduction of Ordinals have allowed them some respite by increasing their mining profitability via larger block sizes containing videos/images alongside regular transactions sent across network instead just plain text alone like before.. All in all it seems that while Bitcoin price is currently attempting break new ground beyond 24500/250000 barrier there still may yet be further volatility take place before goal achieved or otherwise dashed depending how events play out from here onwards – so stay tuned!