Hope

Bitcoin

<ul>
 <li><strong>Bitcoin hovers around $62.8K amidst whales’ accumulation.</strong></li>
 <li><strong>Hashrate triples; miners are confident despite Bitcoin’s 9.45% monthly decline.</strong></li>
</ul>
<p>Bitcoin has been navigating choppy waters, trading at approximately $62.8K with a recent uptick of 2.06%. And, the trading volume has seen a modest increase of 0.99%, currently standing at $25 billion. Moreover, Bitcoin has experienced a downturn of 9.45% in the past month, marking a challenging period for investors.</p>
<p>Yet, amidst this turbulence, there are signs of resilience. In the span of a recovery week, Bitcoin managed to claw back, boasting a 5.44% increase. However, analysts caution against premature optimism, as the cryptocurrency has recently become a bearish trap.</p>
<p>Technical indicators further underscore this precarious balance. The 9-day Exponential Moving Average (EMA) sits at $62,578, while the daily Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ABTCUSDT" rel="noopener noreferrer nofollow">RSI</a>) hovers around 47, teetering on the edge of neutrality. Moreover, Bitcoin remains 14.63% shy of its all-time high (ATH) of $73.7K, indicating a challenging uphill climb.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/z_3sLwBWgGKPL3ePlInDi33v7w91zeoEG-_K_Xr_lpjuEhVyvvWbAZbYqShpUTe_35ARGNuXUItWaJROLWVUDb-bm6Kx0Q2dVoaBHTUXim014mc3o_S7QEBPp3XDm0fm04ljlXzsPtHXsgsFDhGgk9k" alt="">
  <figcaption class="wp-element-caption">
   BTC Price Chart, Source:TradingView
  </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="h-bullish-hope-on-btc">Bullish Hope On BTC?</h3>
<p>There are glimmers of hope within the bitcoin community. The hashrate, a metric reflecting the computational power dedicated to Bitcoin <a href="https://thenewscrypto.com/bitcoin-mining-difficulty-drops-significantly-boosting-profits-for-miners/" rel="noopener noreferrer nofollow">mining</a>, has exhibited a steadfast uptrend over the past year. This surge implies heightened confidence among miners, buoyed by Bitcoin’s price rally.</p>
<p>Interestingly, despite price levels reminiscent of the 2021 bull run, the hashrate has more than tripled since then, signaling a robust and resilient network. However, recent technical analyses hint at looming bearish pressure, with potential price drops to the $56,000 range.</p>
<p>Meanwhile, amidst market uncertainties, whales—holders of substantial Bitcoin reserves—have displayed a vote of confidence. Wallets containing 1k-10k BTC have accumulated over 15,000 BTC, valued at nearly $941 million, despite the recent price dip. This accumulation <a href="https://thenewscrypto.com/massmutual-enters-crypto-realm-with-grayscales-gbtc-investment/" rel="noopener noreferrer nofollow">trend</a> among whales is perceived as a pivotal factor in maintaining a bullish outlook for Bitcoin and the wider cryptocurrency market.</p>
<p>Nonetheless, the <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">crypto</a> landscape remains mired in post-halving consolidation, with a lack of clear market direction exacerbating uncertainty. Investors who remain attentive to market signals and whale behavior will be paramount in navigating BTC intricate trajectory amidst the volatile crypto seas.</p>

Can Bitcoin Investors Maintain Their Bullish Outlook On BTC?

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TheNewsCrypto

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