Bitcoin Hash-Rate Hits ATH, May Not Be Right Time To Accumulate BTC, Says Analyst What’s next?
Bitcoin had a very weak start to the month as it fell below the $59,000 consolidation. However, the price quickly recovered and retook levels, reviving the possibility of a quick recovery. Recently, shorts have accumulated at $70,000, which shows that the bulls are staying at these levels. However, these levels have now been reduced to $65,000, reviving the possibility of an early departure.
While the price of BTC is hovering at certain levels, the mining participation is approaching the maximum level. Recently, in mid-August, the hash rate ATH marked 792 TH/s, which dropped below 500 TH/s. However, at the start of a new monthly trade, the levels reached 776.4 TH/s, which is expected to be higher than the current high.
This shows that the participation of intensive miners is growing after being halved over time. Regardless of this, due to the sluggish nature of BTC's price rally, the miner's income will continue its downward trend. Therefore, they indicate that they are confident in the upcoming trends, which are expected to be beautiful, based on the ongoing consolidation. However, the current trade setup suggests that BTC price is stuck in a range without confirming movement. Therefore, Alphabetic, the famous analyst, suggests not to enter a new business if you have not entered yet.
Bitcoin did not hold horizontal resistance and broke out of the upward channel over the weekend. The analyst previously said that the CME gap to $59,000 could be filled in the next 24 hours, which appears to have been done. However, the analyst remains neutral as the BTC price remains at the PoC and the median of the range. If the price breaks above $59,500 and holds, the price may run a higher range, otherwise the target on the lower range may be activated towards $55,000.
Therefore, according to the current trading pattern, it seems that the confirmation of the next price action of the price of Bitcoin (BTC) has not yet been given. Therefore, the trade till the end of the day can be decisive for the next price action.
