šØš³ China Mining Shock Returns: Xinjiang Crackdown Hits Hashrate ā BTC Slides Below $86K āļø
Bitcoin is trading around $85.5Kā$86.5K, and the selloff is being linked to fresh reports of an underground mining crackdown in Xinjiang. Multiple outlets say ~400K mining rigs were forced offline, driving one of the sharpest post-halving hashrate drops seen in months.
ā” What the market is reacting to
ā¢ Hashrate shock: Network hashrate reportedly slid from $357.6M net outflow** (per Farside/BlockBeats monitoring), adding fuel to the downside.
š§ Why this matters (trader lens)
Hashrate drops donāt ābreakā Bitcoin but they stress miners (cashflow + relocation costs). That can create short-term sell pressure as operators de-risk or fund moves. Historically, the network adapts via difficulty adjustment, and hashpower migratesāso the bigger question is timing and flow, not fear.
š Levels to watch
ā¢ Support: $85.5K (break ā downside accelerates)
ā¢ Resistance: $87Kā$88K (reclaim ā relief bounce conditions improve)
ā What confirms stabilization
1. Hashrate stops bleeding / begins recovering
2. ETF outflows cool
3. BTC reclaims resistance with volume (no wick-only bounce)