According to CryptoQuant, the Bitcoin network's hashrate decline has fallen to levels not seen since December 2022, when the FTX crash triggered a bear market. The current real Bitcoin hashrate decline is -7.6%, indicating that the Bitcoin price may have bottomed out. Other indicators such as Bitcoin Exchange Reserves, Miner Position Index (MPI), and Bitcoin Miner Reserves are also showing low selling pressure, supporting the view of a market bottom. Charles Edwards, founder of Capriole, pointed out that the Bitcoin hashrate band indicator is a buy signal, reflecting the slowdown in the network's computing power. Market analyst Will Woo said the market will not reach new highs until weak miners are forced to shut down operations. Recently, withdrawals from bitcoin miners fell by 90% after the halving, further indicating that the selling pressure has eased, and the bitcoin price is expected to continue to rise. As the April 2024 halving event approaches, a report by financial services firm Cantor Fitzgerald warns that 11 mining companies, including Marathon Digital, Hut8, and Argo Blockchain, could be at risk of becoming unprofitable, particularly if the price of bitcoin falls to $40,000, highlighting the plight of the mining industry after the halving.