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Bitcoin and the aggregated crypto markets have been facing a bout of choppy trading as of late that has led BTC’s price into a key trading range that will likely set the tone for which direction the crypto trends in the coming days and weeks.
At the same time, it is also important to note that Bitcoin’s fundamentals appear to be building strength, as the cryptocurrency’s hashrate has now reached a fresh all-time-high, which may correlate with positive price action in the immediate future.
Bitcoin Forms Tight Trading Range as Decision Time Nears
At the time of writing, Bitcoin is trading up just over 1% at its current price of $9,670, which is up significantly from its daily lows of $9,400 that were set yesterday.
While zooming out and looking at Bitcoin’s weekly price action, it appears that is has formed a wide trading range between roughly $10,200 and $9,200, with resistance at the former price and support at the latter.
Over a shorter time frame, BTC has been trading between $9,400 and $9,700, which appears to be a critical price range that will likely determine the future of where BTC heads next.
DonAlt, a popular cryptocurrency analyst on Twitter, spoke about the importance of where Bitcoin goes next, noting that he does believe it is more likely that BTC moves higher in the near-future, with an upwards target existing around $10,000.
“$BTC: The current range won’t hold for much longer. Once it breaks, I expect violence. Place your bets & stops carefully and enjoy the ride. I’m personally betting on a break upwards because longs offer better R:R at support but I could see this go either way,” he explained.
The current range won't hold for much longer.
Once it breaks, I expect violence.
Place your bets & stops carefully and enjoy the ride.I'm personally betting on a break upwards because longs offer better R:R at support but I could see this go either way. pic.twitter.com/qzLvkAlair
— DonAlt (@CryptoDonAlt) July 30, 2019
BTC’s Fundamentals Strengthen as Hashrate Surges
Many analysts and investors look towards Bitcoin’s hashrate as a sign of its fundamental strength, as it is a convenient way to comprehensively understand how much BTC is being utilized.
Hodlonaut, a popular figure within the cryptocurrency industry, spoke about the fact that Bitcoin’s hashrate has set a fresh all-time-high in a recent tweet, saying:
“Sorry for being a broken record. But Bitcoin did set yet another hashrate ATH yesterday.”
Sorry for being a broken record..
But Bitcoin did set yet another hashrate ATH yesterday. pic.twitter.com/q08tL1THD3
— hodlonaut ?⚡? (@hodlonaut) July 30, 2019
Although it is unclear presently as to whether or not this bullish fundamental factor will be enough to propel Bitcoin’s price higher, whether or not its price breaks upwards or downwards in the near-future will likely determine how the crypto markets trend in the near-future.
Featured image from Shutterstock.
