Bitcoin has become irrationally bearish according to M2 money supply history. Yes, the drop in hash rate and mining difficulty adjustments have moved the market to what should be a bottom. Will this play out to be a bottom or not? If it does not, Bitcoin will become oversold. A lot of people don't understand how the bond market affects cryptocurrency and believe that it doesn't, however, when the 10 year yield increased, interest rates also increased for credit cards. Just very recently, when the 10 year yield was around .5%, you could get credit cards at 0% APR without trying very hard as long as your credit score was average. Shortly after the 10 year has increased to around 1.6 causing the 0% APR credit card offers to become more rare and investors naturally pulled back on "risky" investments like Bitcoin. Now that the 10 year treasury has most recently started downtrending, more and more 0% APR credit cards should end up in the mail allowing investors to buy more Bitcoin and pay smaller monthly credit card bills. The most recent downtrend in bonds is believed to be a sign from some investors that the economy is not as booming as the media states that it is. If you compare assets to the M2 supply, especially Bitcoin halfway up it's bull market cycle, you will see that this is true. Bitcoin should not have a had a death cross, but it did, in fact due to the panic selling from mining regulations among other issues like the Elon Musk carbon "concerns". Understand how the bond market affects Bitcoin yet?