As Bitcoin‘s price continues to fluctuate, with new highs and lows being reached on a regular basis, investors and traders are keeping a close eye on the market to try and predict where the price of BTC might be headed next.
Recently, a $20 billion trading volume has come into play, adding to the speculation about what the future might hold for Bitcoin. With all of this in mind, many are wondering where Bitcoin is headed this weekend, and what factors might be driving its price movements.
In this article, we’ll take a closer look at the current state of the Bitcoin market and explore some possible predictions for where the price might be headed in the near future.
Bitcoin Hashrate Reaches Record High of 400 EH/s Amid Bull Market
Since the beginning of this year, the Bitcoin hashrate has been steadily rising. At the start of this week, the network saw an addition of 40 exahashes per second (EH/s), bringing the hashrate to a peak of 350 EH/s.
However, just hours after the mining difficulty was adjusted on March 23, the hashrate soared to unprecedented levels.
According to data from Mempool, the Bitcoin hashrate hit a new all-time high of 400 EH/s between March 23 and 24. This development signifies two things: an increase in the network’s security and the confidence of miners in the long-term profitability of Bitcoin.
With the recent rally, miners who have been an integral part of the network since its inception have continued to show their support for the leading cryptocurrency.
Additionally, the Bitcoin mining difficulty has reached a record high of 46.84 trillion, a 7.5% increase from previous levels that corresponds with the progressive rise in hashrate during this period.
How an Increase in Bitcoin Hashrate and Mining Difficulty Can Impact the Price of BTC
A higher hashrate implies that there are more miners on the network, which increases the competition to mine new blocks and earn rewards. This can lead to a more secure and stable network, which can improve investor confidence in Bitcoin and potentially drive up the price.
Furthermore, a higher mining difficulty means that it is more difficult for miners to mine new blocks, which can lead to a decrease in the supply of Bitcoin. Since Bitcoin’s supply is limited, any decrease in supply can potentially increase the price.
The current market price of Bitcoin stands at $27,530, with a 24-hour trading volume of $14 billion. Over the past 24 hours, Bitcoin has experienced a decline of over 0.50%. With a live market capitalization of $532 billion, Bitcoin remains the number one cryptocurrency on CoinMarketCap.
According to technical analysis, the BTC/USD pair is currently displaying a choppy trend. However, there is a possibility that it may encounter resistance at the $28,950 level.
If the BTC/USD pair is able to break through the resistance level of $28,950, it could potentially lead to a boost in Bitcoin’s value, with the price reaching $29,200 or even $30,700.
On the other hand, if there is a bearish trend, the support levels of around $26,600 and $25,200 are expected to provide strong support for Bitcoin’s price.
Top 15 Cryptocurrencies to Watch in 2023
To stay informed about the latest ICO projects and altcoins, it’s recommended to regularly check the curated list of the top 15 cryptocurrencies to watch in 2023, as compiled by the experts at Industry Talk and Cryptonews.
This list will provide valuable insights into emerging cryptocurrencies and trends in the crypto market, helping investors and enthusiasts stay ahead of the curve.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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This article first appeared at Cryptonews