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      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

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      Bitcoin Hashrate hit 30-Days High, Bitcoin price can follow the same lead

      Hitesh Malviya by Hitesh Malviya
      April 14, 2020
      in bitcoin, Crypto Market
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      Twenty-eight days to go for next Bitcoin Halving, and Miners are all stock up with their mining rigs, continuously mining with their full capacity. We can see the positive effect of miner’s participation on the bitcoin network hash rate, which has been increasing quite nicely from the last few weeks. 

      Bitcoin Hashrate

      Bitcoin hash rate has increased by 65% from its recent low, and the Bitcoin network hash rate values above 125000000 TH/S.

      We can expect the Bitcoin hash rate to keep increasing for the next few weeks till bitcoin halving.

      Bitcoin price follows Hashrate most of the time. Let’s look at Bitcoin technicals to see how it looks.

      Bitcoin Technical Analysis – Daily Chart

      BTCUSD – 1D
      • 6750$ is a storng support for Bitcoin on Daily timeframe. This level acts as a Bollinger band mid level support, 21MA support, and a Horizontal support.
      • Bitcoin needs to hold 6750$ support for further price gains, and If the price holds this support, then we can expect Bitcoin to reach 8000$ in the next few days.
      • For a bullish confirmation, we need to see a daily candle close above 7050$.

      Bitcoin Technical Analysis – 3D Chart

      BTCUSD – 3D Chart
      • 6780$ is acting as strong horizontal support for bitcoin on a 3D Timeframe.
      • We can spot a MACD Bullish Crossover on 3D Chart, and Bitcoin price rallied over 57% when the last time such a technical pattern happened.

      Conclusion

      We can expect Bitcoin Hashrate to continue to rise till Bitcoin halves. Bitcoin price can follow the lead of bitcoin hash rate if Bitcoin manages to hold support above 6750$ on Daily, and 3D Timeframe. If that happens, then we can expect bitcoin price to reach 8000-9000$ before halving. 

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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