Bitcoin’s Roaring Comeback: Miners Strike Gold Post Binance Blow
24 Nov 2023
Despite Binance’s penalty, miners experience a jump in earnings as Bitcoin rises towards $38,000.
The cryptocurrency market is undergoing a substantial reversal with Bitcoin nearing the $38,000 threshold, a positive development for miners who are experiencing profits at levels unseen in the past 18 months. This resurgence occurs in spite of recent regulatory measures against leading exchange Binance, which incurred a substantial $4.3 billion penalty, along with its CEO’s admission of guilt.
Tuesday witnessed a record-breaking hash rate of 497 Exa hashes per second (EH/s) on the Bitcoin network. This achievement reflects heightened confidence among miners in the future of Bitcoin and increased resilience against potential attacks, particularly with the upcoming halving event slated for April 2024.
The revelation of the surging hash rate initially came from Preacher BTC on Twitter on Tuesday and was subsequently verified by blockchain.com data on Wednesday, revealing a notable ascent to 491 EH/s. This heightened hash rate signifies enhanced efficiency and heightened miner activity.
The recent surge has effectively resulted in a twofold increase in Bitcoin’s value year-to-date, erasing previous losses from the bear market. The notable spike in mining profitability, with daily profits for miners reaching $46.8 million, is partially attributed to the increasing interest from institutional investors.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Bitcoin is currently trading within an up channel.
Bitcoin is positioned above all Moving Averages (SMA).
The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a neutral trend.
Immediate Resistance level: 37948.13
Immediate support level: 35634.20
HOW TO TRADE BITCOIN
After a significant upward surge, Bitcoin entered a consolidation phase within a defined range. Subsequently, it broke to the upside and initiated an upward trajectory. Currently, Bitcoin is positioned near a critical resistance zone, and a potential breach of this zone could lead to further upward movement.
TRADE SUGGESTION- STOP BUY– 38394.22, TAKE PROFIT AT- 40368.85, SL AT- 37345.46.