Cryptocurrency
Trading Bitcoin: Hash Rate Increase – Have Miners Already Capitulated?
Hash Rate Increase – Have Miners Already Capitulated? The Bitcoin networks hash rate has been falling as our current price continues to decrease. However, we have recently seen a spike in network hash rate. Therefore, more miners may be turning bullish now that the weaker miners have been liquidated from the business. Because of this, […]
Hash Rate Increase – Have Miners Already Capitulated?
The Bitcoin networks hash rate has been falling as our current price continues to decrease. However, we have recently seen a spike in network hash rate. Therefore, more miners may be turning bullish now that the weaker miners have been liquidated from the business. Because of this, miners will be less likely to immediately sell freshly minted Bitcoins onto the market, ultimately increasing the overall supply. OG Bitcoin trader Willy Woo also gives an in-depth analysis of Bitcoin hash rate which may be worth watching.
On the daily chart above, Bitcoin has reached a red 8 on the sequential indicator. Currently, our red 8 candle is forming a doji candle which is typically indicative of a trend reversal, however, the candle still has about 12 hours before it closes. Additionally, price has closed below the sequential setup trend line at $8.2k. Overall, the bears are still in control with the 50MA (grey) serving as primary resistance.
4 Hour
The 4 hour chart is not telling us much as the daily. Being said, sequential is on a red 3 and price is still holding support above the sequential setup trend line (red dotted line). Overall, the bulls need to break above the 50MA (grey) in order for price to be bullish.
Conclusion
Current support remains at $8k. Resistance remains at $8.5k. Tune into our YouTube stream later today for a more in-depth analysis.
Disclaimer: The author of the article hodls Bitcoin.