Bitcoin Holds Above $41k As Hashrate Surges To ATH | CryptoGazette
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It seems that Bitcoin was able to hold above $41,500 resistance level over the past weekend. This comes after a slide from the $46k level that the king coin has seen during the past week.
CoinDesk notes that this particular move came as hashrates for the Bitcoin network hit lifetime highs.
“Bitcoin has shown strength this month after a slide to yearly lows of $33,000 in January. It broke above the $38,000 and $41,500 resistance level in the first week of February to monthly highs of $46,000, a level previously seen in the final weeks of 2021.”
It’s also important to note the fact that traders have since taken profits on the move as BTC saw weekly lows of $41,600 in early Asian hours on Monday but recovered to nearly $42,000 in afternoon hours, according to CoinDesk.
There are various optimistic predictions about the price of Bitcoin these days.
Bitcoin bulls are leading the way
Bitcoin bulls are leading the way these days in the crypto market, despite massive volatility. Check out the latest reports about new predictions on BTC price.
It’s been just revealed that the crypto analyst Nicholas Merten says that Bitcoin is flashing signs of an upcoming rally and that BTC bulls are set to overtake bears.
In a new strategy session, he made sure to explain that Bitcoin is not in a bear market and that we shouldn’t be fooled by the top crypto by Bitcoin’s stagnant price action.
“There’s a really interesting technical pattern going on and this is a signal that the bulls are in the lead. Don’t let the sideways consolidation we’ve been in get you fooled that this is somehow a bear market.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $42,094. Stay tuned for more news, and make sure to check out the prices in the crypto market.
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