Donald Trump’s recent decision to pause rate, along with signs that delays inflation, put the recent sales trend in the market. As a result, more holders buy Bitcoin again, and many believe it can reach $ 100,000 this month. However, sellers continue to weaken the hope for a bullish comeback. In the midst of this, the activity on the Bitcoin network has risen, which supports the potential that the current recovery in Bitcoin could continue.
Bitcoin Hashrate at record high
In the last 24 hours, Bitcoin has been on a strong upward run and climbs nearly $ 83,500. According to Coinglass, almost $ 156 million in positions were liquidated during this rally – $ 43 million from buyers and $ 113 million from sellers.
At the same time, Bitcoin’s network activity was picked up. Data from Blockchain.com shows that the Bitcoin Hashraat, a metric to measure how much computing power the network protects, has touched a new highest point of 924.98 EH/s. It now comes close to the historic milestone of 1,000 eh/s.
This increase in Hashrate has been building since 2 April and shows an increased activity on the network despite the recent crash. Blockchain data show a large jump in transaction volume and the number of new Bitcoin addresses that is being made. In the past week, daily transactions have risen by 12.7%and new addresses have increased by 16%, which shows that more traders are involved in Bitcoin.
Also read: US CPI report today: inflation falls to 2.4%
The recent peak in on-chain activity can help keep the price of Bitcoin above $ 80,000 and can even push it higher. Open interest has also risen, now that there are around $ 53 billion – an increase of more than 3%.
Bitcoin, however, was confronted with resistance above $ 83,000, making the market sentiment more careful. The long/short ratio has fallen to 0.6824, which means that more traders now bet on the price that is falling. At present, around 60% of the traders expect a withdrawal, while 40% still believe that Bitcoin can continue to rise.
What is the next step for BTC price?
Bitcoin currently shows signs of weakness after he has not stayed above $ 80,000. It saw a sharp fall, dropped as low as $ 78,000 due to a strong sales pressure. At the moment, buyers are trying to push the price back to the 23.6% Fibonacci resistance level. Bitcoin is currently acting around $ 79,066 – a maximum of 2.22% in the last 24 hours.
Looking ahead, the BTC/USDT pair is confronted with a heavy resistance zone between $ 80,000 and $ 85,000. If buying momentum, this Bitcoin can help prevent a larger drop. A movement above $ 84,000 can open the door for a rally to $ 89,000.
On the other hand, if buyers lose steam near $ 85k, the price could fall again, possibly to around $ 74,650.
The RSI (relative strength index) is currently 36, which is located near the zone transferred. This shows that the sales pressure is still strong, and if it continues, Bitcoin could fall below $ 75,000 – making a fast recovery much less likely.
