Since the price of bitcoin plunged to historic lows last month, the bitcoin network's hash rate has also been on a constant decline. Nearly 2.3 million S9 miners were wiped out in China recently as it became hard for miners to make profits. Network's hash rate indicates how secure and strong the blockchain network is.
Bitcoin's hashrate dropped from 133.29 EH/S, the highest since the start of 2020, to 108.16 on 12th March, when the price of the leading cryptocurrency plunged below $4,000. Since then, the hashrate has been continuously falling as miners face tough times to continue their operations. On 4th April, hashrate was at 96.9888EH/S, an increase in hashrate must be accompanied by an increase in the price of bitcoin for miners to maintain healthy profit margins. Technical analysis:
BTC has been trading upwards. The price is at the very critical pivot level at $7.245. This is decision level for BTC and you should watch carefully this level.I do expect potential downside rotation and rejection towards the level at the price of $5.827. Watch for selling opportunities.
Only if you see the breakout of the $7.245, watch for possible rise towards the $7.691.
MACD oscillator is showing neutral stance and no imbalance in momentum.
Resistance level is set at $7.245
Support levels are set at the price of $6.600 and $5.827.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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