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 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
- 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$.
Bitcoin Technical Analysis – 3D Chart
- 6780$ 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.
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 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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