• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin BTC

Bitcoin Hashrate Races to All-Time Highs as BTC Shows Signs of Vitality

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

After facing some dire price action earlier this week, Bitcoin (BTC) has been able to incur some notable upwards momentum that has come about as a result of bull’s ardent defense of the cryptocurrency’s key support within the mid-$8,000 region.

The defense of this support, and subsequent rally higher, suggests that bulls have some underlying strength, and it also comes as the cryptocurrency’s fundamental strength grows.

BTC’s hashrate has been able to surge to fresh all-time highs today, which is a sign of fundamental strength that could mean further upside is imminent.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin Shows Subtle Hints of Bullishness as Buyers Attempt to Capture Key Level 

At the time of writing, Bitcoin is trading up 3% at its current price of $8,850, marking a notable climb from daily lows of roughly $8,450.

Multiple analysts had previously noted that $8,500 was a key support level that bulls needed to defend if they wanted to push the cryptocurrency higher, with yesterday’s price action seeming to confirm the importance of this level.

The bullish response to this key support also comes as Bitcoin’s buyers attempt to propel it above its EMA 34, with today’s test of this level marking the first one seen since the crypto was trading at $9,900.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Big Cheds, a prominent cryptocurrency analyst on Twitter, spoke about this level in a recent tweet, saying:

“4 hour – Bulls advancing, first EMA 34 test since $9900.”

$BTC #Bitcoin 4 hour -Bulls advancing, first EMA 34 test since $9900 https://t.co/oC1EtQuN0H pic.twitter.com/pwl3wtaS7J

— Cheds (@BigCheds) March 2, 2020

BTC’s Hashrate Rallies to All-Time Highs as Technical Strength Grows 

Bitcoin’s hashrate has long been looked upon by analysts and investors as an indicator of its fundamental strength, with its ongoing rise to fresh all-time highs suggesting that the cryptocurrency has incredible underlying strength at the moment.

Binance Research spoke about this in a recent tweet, noting that the benchmark cryptocurrency’s hashrate is on the rise as its upcoming mining rewards halving fast approaches.

“Despite BTC’s recent price drop, its hashrate has hit ATH and continues to climb. Bitcoin’s impending halving is getting closer each day, how do you expect price to react?”

Despite $BTC's recent price drop, its hashrate has hit ATH and continues to climb.#Bitcoin's impending halving is getting closer each day, how do you expect price to react?

Read about Bitcoin & its diversification properties in portfolio management. ⬇️https://t.co/RtlUWeTENW pic.twitter.com/T0OFWMbML1

— Binance Research (@BinanceResearch) March 2, 2020

Whether or not there is a direct correlation between Bitcoin’s price trend and its hashrate has been a contentious topic within the industry, and there is little evidence that the noticeable correlation equates to causation.

Despite this, the cryptocurrency showing signs of fundamental strength could ultimately bolster BTC’s bull case.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
Tweet123Share296ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

12 mins ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

1 hour ago
Solana

Solana Can Depreciate Further If It Doesn’t Breach Its Immediate Target

2 hours ago
Ethereum

Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?

6 hours ago
Polygon

Polygon Beefs Up Layer 2 Position, Gets The Edge In NFT Transactions Vs. Ethereum

10 hours ago
Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

11 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.