BTC/USD Price Prediction: BTC/USD has clear path for rapid growth as its hash-rate reaches a 4-month high

BTC/USD has a clear path till $4,500 if bulls can get over the resistance at $4,075.
Bitcoin hash rate surge past 52 quintillion hashes per second which is a 4 month high.

BTC/USD has a clear path to $4,500 as per the daily confluence detector. The bulls only need to get over the resistance level at $4,075. There is a lot more optimism in the market as Bitcoin’s hash rate surged past 52 quintillion hashes per second which is a four-month high. Since mining difficulty has changed little for the last month or so, new miners have had a far easier time.

Casa CTO Jameson Lopp tweeted:

“Hashrate follows price. Some folks believe price follows hashrate, possibly because hashrate doesn't simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!”

BTC/USD daily confluence detector

The only significant level of resistance lies at $4,075 which has a confluence of - 10-day simple moving average (SMA 10), 15-min previous high daily Bollinger band upper curve, hourly Bollinger band upper curve, hourly previous high, 15-min Bollinger band upper curve, 4-hour previous high, and daily previous high.

There are multiple levels of support which lie at $3,975-$4,025, $3,960, $3,850, and $3,745. The confluences at those levels are:

$3,975-$4,025: 15-min Bollinger band lower curve, hourly previous low, SMA 50, daily 38.2% Fibonacci retracement level, SMA 10, 4-hour Bollinger band upper curve, daily 23.6% Fibonacci retracement level, SMA 5, 15-min Bollinger band middle curve, 15-min previous low, SMA 50, SMA 200, daily 61.8% Fibonacci retracement level, weekly 161.8% Fibonacci retracement level, weekly pivot point resistance 2, hourly Bollinger band middle curve, 4-hour previous low, hourly Bollinger band lower curve, daily pivot point support 1, and monthly 23.6% Fibonacci retracement level.
$3,960: SMA 10, daily pivot point support 2, SMA 200, SMA 50, and 4-hour Bollinger.
$3,890: Monthly 38.2% Fibonacci retracement level, weekly 61.8% Fibonacci retracement level, and daily Bollinger band middle curve.
$3,825: Weekly 23.6% Fibonacci retracement level and weekly pivot point support 1.
$3,745: Daily Bollinger band lower curve, SMA 50, and weekly pivot point support 2.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.