Bitcoin Records New Hashrate All-Time High Amid Dwindling Prices

Updated:

2022 began on a slower-than-expected note for Bitcoin (BTC), as the benchmark cryptocurrency put up an underwhelming performance despite several lofty predictions for the start of the year. The cryptocurrency has maintained a fearful investor outlook for the past few weeks amid a lasting bearish tone.

However, Bitcoin’s hashrate has performed differently, as it records a new all-time high, indicating that heightened activities on the network remained unabated.

According to a report from BitInfoCharts, Bitcoin’s hashrate has sustained an upward trajectory since it hit a multi-year low below 60 exahash per second (EH/s) six months ago.

This hash power drop came following the mass migration of BTC miners from China due to a nationwide ban on all crypto mining and trading activities. Nonetheless, the network recorded a speedy recovery from this shake, highlighting the strength and resilience of the network.

Interestingly, the hashrate ATH recording comes amid celebrations of the network’s 13th anniversary (Genesis Day), since the first block got mined on January 3, 2009. The pseudonymous creator of Bitcoin, Satoshi Nakamoto, mined the very first BTC block, called the Genesis Block, which kickstarted the crypto industry as we know it today. Nakamoto mined 50 BTC on “Block 0” exactly thirteen years ago.

Key Bitcoin Levels to Watch — January 4

After trading on a quiet and slightly bearish bias for most of 2022, BTC appears set to record a switch in momentum in the near term. The benchmark cryptocurrency fell to the critical $46,000 support again yesterday, but bears lacked the coordination to take prices lower, sealing the effectiveness of that support area.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

That said, the primary cryptocurrency has recorded a double-bottom pattern a few days after recording a double-top, highlighting the severity of the lingering sideways bias. A double-bottom typically indicates that a bullish rally could be around the corner. With that, I expect a recovery to the critical $48,500 juncture over the coming days.

Meanwhile, my resistance levels are at $48,000, $48,500, and $49,500, and my key support levels are at $47,000, $46,000, and $45,000.

Total Market Capitalization: $2.22 trillion

Bitcoin Market Capitalization: $877.5 trillion

Bitcoin Dominance: 39.4%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.