Bitcoin's price is near the 12 000 USD mark. Can we expect a large movement of the rate of this cryptocurrency? Here is some pertinent information about it.
BTC miners remain optimistic
As it turns out, Bitcoin's seven-day average hashrate has hit a record high of 129,075 TH / s. It should be clarified that the hash rate reflects how much time miners spend processing transactions on the BTC network. A higher average means that they have more faith in the profitability of this cryptocurrency. So it can be assumed that there is a certain correlation between the hashrat and the price.
Bitcoin broke the USD 12,000 mark twice at the turn of this month. Currently, its rate is above USD 11,800.
What can we expect on the BTC chart?
According to Cryptocurrency Analyst David Puell, $ 14,000 is a key price point for Bitcoin due to its whale clusters. In his opinion, many large BTC investors bought this cryptocurrency in the range of $ 9,000 to $ 12,000. Big players who have recently purchased Bitcoin at a lower price see profits, while those who made it at the top are on the brink of profitability.
Clusters can affect the BTC rate to such an extent that a group of buyers and sellers will try to break out of the range between $ 12,000 and $ 14,000.
The current situation on the BTC chart
As for the current movements in the Bitcoin market, they remain subdued. During the last day, the price of this cryptocurrency was slightly positive. Yesterday's session was closed with a slight change of + 0.22%.
The current BTC exchange rate is around USD 11,847. Looking at the entire cryptocurrency market, we can see that Bitcoin's dominance over altcoins continues to decline. Currently, it is 58.37%.