Bitcoin (BTC) Price Successfully Retests Its Important Support Zone, Will BTC Rise Again?

Irrespective of the consolidated price action, Bitcoin has recorded a new ATH in its hash rate. This indicates more involvement of miners in this technology.

Despite consolidated price action, Bitcoin hash rate hits new ATH

In a recent development, the Bitcoin price has recorded a bullish recovery by adding 1.68% in valuation over the past day. This comes after trading under a bearish influence for over a week. With this, the star crypto has successfully retested its important support zone in the 1D time frame.

This indicates a strong buying pressure for the price of Bitcoin at that point in the market. Moreover, it has been trading within a descending channel pattern since May.

Further, it has also formed a symmetric triangle pattern and is on the verge of testing its support trendline. This suggests uncertainty in future price action.

BTC Price Analysis 1 Day ChartAfter a bearish reign, BTC price shows bullish recovery

In other news, the Bitcoin hash rate has recorded a new All-time High (ATH) of over 740 exahashes per second (EH/s). This highlights the increasing difficulty in mining BTC.

With the rising difficulty comes the increased contribution of miners toward the network to procure more SATS with additional resources. On the other hand, during August, the Bitcoin miners experienced the lowest revenue since September 2023.

Reportedly, 28.26K Bitcoins were mined with a revenue of $1,213.09 Million. Despite mining 1.42K more BTCs when compared to July, the miners have reported a drop of $118.34 Million, or 8.83% in their revenue.

With the conclusion of August, miners have recorded a drop in revenue for the second consecutive month. Considering the historic market trend, a rising hash rate and decreased mining revenue indicate a potential accumulation of Bitcoins by long-term investors.

Moreover, with increased whale/institution activity, a strong bullish rebound can be expected from BTC in the coming time.

Is BTC set to rise again? As per our analysis, if the market continues gaining momentum, the Bitcoin price will retest its resistance level of $62,000. Pushing its price above that level could set the stage for the largest crypto to head toward its upper high of $66,000 during September.

On the flip side, if a trend reversal occurs, the BTC crypto could drop toward its support level of $58,000. Furthermore, if the bears continue to dominate the market, this could result in it plunging toward its lower support level of $53,500 in the coming time.

The above is the detailed content of Bitcoin (BTC) Price Successfully Retests Its Important Support Zone, Will BTC Rise Again?. For more information, please follow other related articles on the PHP Chinese website!