Market Recap: Bitcoin's Make-or-break Moment - Aliens: AI Crypto News & Markets Updates
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Market Recap: Bitcoin's Make-or-break Moment

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Blockworks

Tue, Jan 18, 2022

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Bitcoin continues on an increasingly tighter range waiting for a break up above $44,200 or down below $40,500 While negative sentiment in the market remains, bitcoin has managed to reach new all-time high hash rates showing continued faith among miners and network participants Bitcoin has been stuck in a range between $40,500 and about $44,500 waiting for bulls or bears to push it above or below support or resistance.

Investors seem to be ditching risker assets, like tech equities and cryptocurrency, in favor of less volatile ones like cash and index ETFs. The psychology within the marketplace has become fearful and uncertain while blockchain networks continue to grow in hash rate and other metrics.

This consolidation has pushed bitcoin into a make-or-break moment and created a fight between bulls and bears over which direction the market goes.

Heading in the opposite direction of their respective prices are Bitcoin and Ethereum's hashrates, or quantity of computing power securing their networks.

In the last 30 days, Bitcoin's hashrate has increased from 166.84 million terahashes per second to nearly 194 million terahashes per second, reaching a new all-time high.

Will Clemente, a popular crypto analyst and the lead insights analyst at the bitcoin mining company Blockwareteam, said on Twitter, "After the China mining ban over summer, Bitcoin hash rate has recovered to new all-time highs.

This means the Bitcoin network is currently more secure than ever before." The divergence of price and hashrates shows that market participants are showing fear while miners and those participating directly with the network are showing faith by becoming even more involved.

Another metric that aligns with the negative market sentiment is the outflow of cryptocurrency from funds.

The report shows that in just this last week $73 million was removed from crypto funds, showing the reduction of exposure to digital assets among institutional investors.

Investors should expect bitcoin to remain in a tight range and to continue testing the $40,000 support and $44,500 resistance levels until broader markets pressures occur.

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