Bitcoin “Stronger Than Ever” as Hash Rate Sets Fresh All-Time-High
Most crypto market participants have been closely watching to see how Bitcoin (BTC) reacts to its current position within the middle-$10,000 region, as whether or not it climbs higher or breaks lower from this price level could set the tone for the rest of the year.
Regardless of where the price goes in the near term, one critical fundamental indicator just hit a fresh all-time-high today, signaling that Bitcoin is fundamentally robust at the moment, which may ultimately result in bullish price action in the long-term.
Bitcoin Price Stagnates
At the time of writing, is trading down marginally at its of $10,380, a price region at which it has been trading sideways at for the past several days.
Previously, analysts have noted that $10,400 is a critical price level for the cryptocurrency, and a failure to decisively flip this current resistance level into a support level could spell trouble for in the coming days and weeks.
Mayne, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a decisive break above $10,400 could lead Bitcoin’s price to surge past $11,000, but any extension of its downwards momentum could lead it to plummet back into the $9,000 region.