March 28, 2024

Bitcoin Price Tested $ 9500 Against Hashrate Recovery

Today, May 28, the first cryptocurrency showed quite peppy growth of quotes, having tested the mark of $ 9500.

The chart below shows that on May 24, the price fell under the trend line, but subsequently climbed again:

Bitcoin Price Tested $ 9500 Against Hashrate Recovery

Four-hour chart of BTC / USD exchange Bitstamp from TradingView

You can also consider shaping"Inverted head and shoulders", which usually indicates an upward reversal after a price decline. It is worth noting that the right shoulder is slightly higher than the left, and it was formed against the background of increasing trading volume. All this indicates a decisive mood of the bulls.

In addition, the rising price is supported by the growth of the hashrate - according to BitInfoCharts, over the past 24 hours, the total power of bitcoin miners has grown by 17.08%, reaching 107.295 Ehash / s.

Previously known trader Peter Brandt said thatThe best technical indicator is the price of bitcoin. According to him, daily viewing of a large number of charts, most likely, will not give any useful information even to experienced traders.