Bitcoin has experienced a significant rally in recent weeks, gaining 19% in just one month, leading many to question whether the bear market is finally over. This update explores bitcoin price predictions and analyzes the various factors contributing to the cryptocurrency’s recent gains, as well as assessing the likelihood of a sustained uptrend.
Will Bitcoin’s Hash Growth Slow Down in April?
one day meaning of bitcoin Hash rate reached 398EH/s last weekend, fueling speculation on social media. However, it is important to remember that bitcoin’s hash rate is calculated back from block production, and luck plays a more important role in the short term than in the long term, making intraday data less accurate.
Despite this, the monthly average hash rate of bitcoin increased from 273EH/s in January to 330EH/s in March. Nevertheless, metrics analyzed by TheMinerMag suggest that growth may slow down in the coming months.
Net spending on property, plant, and equipment (PP&E) by North American public mining companies began to shrink in Q3’22, data from 18 companies showed. With only 12 companies reporting cash flow activities for Q4’22, the trend appears to have continued. These 12 companies saw a decrease in net PP&E expense from the first quarter to the fourth quarter.
past data revealed Bitcoin miner shipments in the US increased in September 2022 and January 2023, roughly six months after the end of Q1’22 and Q2’22, respectively. These quarters saw nearly $2 billion in net PP&E spending by public miners.
Considering the six-month lead time, the reduction in PP&E spending in the second half of 2022 suggests that miner shipments to the US may slow in the coming months, potentially reducing hashrate contributions from the US to the network. can slow down.
If bitcoin doesn’t rise above $35,000, there is little chance of the older generation instruments becoming profitable and restarting.
US Economic Data and Macro Factors Cause Bitcoin Investors to Be Cautious
Investors are closely monitoring a series of US economic reports this week, beginning with manufacturing activity data, which will be released later today. Nonetheless, it is predicted that the results will show that the US manufacturing sector has been in a contractionary phase for the fifth straight month.
Meanwhile, the primary focus will be on non-farm payrolls data, which is scheduled for release on Thursday. Traders will be looking for additional signs of labor market fragility that could lead to a less accommodative Fed stance this year.
Due to economic data coming from the United States, traders appeared reluctant to place substantial bids. In addition, macroeconomic elements such as inflation, financial volatility, and regulatory changes can affect the bitcoin market, resulting in notable price fluctuations.
bitcoin price
current price of Bitcoin Standing at $28,150 with a trading volume of $10.1 billion in the last 24 hours. In the past days, the value of bitcoin has declined by 0.20%. According to Coinmarketcap, Bitcoin holds the #1 position, boasting a market capitalization of $548 billion.
The technical outlook remains bullish, as bitcoin trades within a narrow range between $28,250 and $28,900. If bitcoin manages to break the triple top pattern at $28,900, it could potentially take the cryptocurrency to its next level of resistance at $29,600.
On the other hand, if the market faces a downside correction, immediate support for bitcoin lies at $27,600. A decisive breakout from the trading range between $28,200 and $28,900 will be crucial in establishing the future trajectory of bitcoin’s price movement.
Top 15 Cryptocurrencies to Watch in 2023
Stay up to date with the latest ICO projects and altcoins by regularly checking out our carefully selected list of the top 15 cryptocurrencies to watch in 2023.
This list is compiled by industry experts from Industry Talk and Cryptonews, guaranteeing that it only showcases the most promising and high-potential cryptocurrencies available in the market.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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