- Bitcoin price recently tumbled below $38,300 while hashrate hit a lifetime high.
- Meanwhile, the network registered a massive spike in hash rate.
- Analysts at BitMEX believe the rising inflow of capital and miners joining the network implies BTC price could witness a raging bull run.
Bitcoin price trend has witnessed fluctuations over the past week whilea key mining metric has reached a new all-time high. Analysts are bullish on BTC price recovery as more miners join the network.
Bitcoin price could witness a recovery on one condition
Analysts at BitMEX recently published a report anticipating that the computational power used to mine Bitcoin, or hashrate, was going to see a massive increase by the end of 2022. Coincidentally, legislators of Fort Worth, Texas, started debating on a bill that seeks to position the city as “crypto-friendly" and "welcoming to the industry."
The city also aims to lure in "businesses contributing to the development of this evolving technology.”
As big players enter the mining industry, Bitcoin’s hashrate recently hit an all-time high of 247.39 Exahash per second (Eh/s). The new peak indicates that a high number of miners have joined the network for its rewards, which helps strengthen the BTC blockchain against any vulnerability.
Bitcoin hashrate as of April 26, 2022
Interestingly, the rising hashrate also reveals capital inflow in the Bitcoin mining industry, which analysts compare to the gold rush of the 1880s.
Despite the rising interest in Bitcoin mining, the market value of the pioneer cryptocurrency continues to fluctuate. BTC price dropped below $38,000 on Monday, April 25, as uncertainty grows in the global financial markets, but was able to recover above $40,000 as of Tuesday, April 26. .
As the Bitcoin network becomes more secure and a higher number of institutions and miners join the BTC blockchain, the sudden price movements are expected to reduce based on historical data.
@rektcapital, a pseudonymous crypto analyst, evaluated the Bitcoin price trend and observed that BTC is currently holding the 2022 higher low at $40,325 as support. Continued support could push the Bitcoin price to revisit the $43,100 resistance level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.