What's on the menu for BTC this week? Hopefully not a return to $20,000.
The “cloud” he referred to involves more than just the 200WMA, however — Bitcoin’s 50WMA is currently at $24,462, coinciding exactly with current spot price focus.
“BTC was rejected on this dynamic range for the first time in August 2022 and was briefly rejected on this level earlier in the week. While it be able to break above on this second attempt?” he queried.Hash rate, difficulty in line for fresh record highsare keeping the bullish vibe firmly intact as the month draws to a close.
about the phenomenon as its 30-day moving average climbed to new all-time highs of its own last week.“The 14 day moving average of total global hashrate now sits at ~ 290 EH/s. Bitcoin miners are scavenging the Earth for cheap, wasted, excess energy,” he added alongside Glassnode figures.phrase, “price follows hash rate,” which postulates that a large enough hash rate uptrend has inevitable bullish implications for BTC price action.
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