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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Bitcoin Retracement

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Based on CryptoQuant data, one observer notes that whenever the Bitcoin hash rate records new highs, as is the case in late January 2023, coin prices tend to retrace as the upside momentum fades. 

Extending this preview on current BTC rates, the analyst predicts that prices may rise above the current resistance level at $23,800 to $25,500 before dumping below immediate support lines towards $20,000, or worse. 

 

Bitcoin Price on January 27
Bitcoin Price on January 27| Source: BTCUSDT on TradingView

Hash Rate Peaks Are Selling Signals?

Per his analysis, expanding Bitcoin prices would encourage more users and mining farms to power on their rigs, further pushing up the hash rate. Based on his theory, the rising hash rate would be a precursor of strong liquidations that may unwind mining activity, pulling down prices.

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Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam

1 year ago

On January 26, the Bitcoin hash rate increased to 305 EH/s, an all-time high. Hash rate is the total computing power connected to the Bitcoin network. At the current pace, a new level will likely be registered if BTC prices continue pumping. 

While there appears to be a direct correlation between the spot BTC price and hash rate, the observer, citing on-chain data, thinks the opposite is true. He is convinced that peaking bitcoin hash rates can diverge with prices, impacting coin valuation.

BTC just hit new ATH, and many might make you believe this is a bullish sign, but I will show you that it always had quite the opposite effect. I’ve been using hash rate all-time highs as bearish signals throughout 2022 with very good results. You can see all new ATHs. Even if you go back to 2021 ATHs on a live chart, you will see that all signaled an imminent selloff.

Notably, the analyst pointed out occasions in 2021 and 2022 when rising hash rates led to significant price retracements after solid rallies. In seven events, the average selloff was a 19.5% drop in prices, with the deepest being 37%. Preceding this correction, he adds, the coin’s valuation tends to post an 11% maximum gain. From current Bitcoin prices, this places the coin above $25,000.

Bitcoin Mining Clusters Are Forming

Before prices expand, “clusters of intense Bitcoin mining activity,” tend to form, as is presently the case. Because of miner involvement, the hash rate moves up in tandem in quick succession, registering an all-time high. However, the sharp activity in mining and expansion of the hash rate led to strong selloffs, on average, within nine trading days. 

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This Is How The Bitcoin Price Will Be Affected By Macro: Charles Edwards

1 year ago

Per the current Bitcoin formation, the expansion in BTC prices above $25,000 may precede a cool-off, possibly forcing the coin back to $20,000 or, worse, $14,500 from early February 2023.

Feature image from Canva, Chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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