The price of Bitcoin (BTC) was trading at $ 47,119.30 or slightly higher at the time of writing on Monday morning (16).
The main cryptocurrency was already in an upward trend on Sunday evening (15) when the analyst Pablo Granier, of Modern inverter channel, reported that the price could break higher.
He stated that BTC had found support for this move in the $ 45,000 area but cautioned that “the only point that leaves me with one foot is volume, as we are out of volume on this breakout. We had more Volume as the price “goes down as if it goes up”.
He explained that it is always good to be a little exposed in order to make an investment. But I wasn’t optimistic about trading. “This band is pretty weird, it looks like a little trap,” he explained.
The third yellow circle, from left to right, refers to the “strange volume” reported by the investor. Reproduction of images Canal Investidor Moderno on Youtube
investor Felipe Escudero, of Bitnada Channel, this morning pointed out some reasons to look at the market with good eyes when thinking about the future, Given that, according to Felipe, the Bitcoin hashrate has increased by almost 40% in a matter of days.
“In other words, there are more people who put computing power on the network, and that is excellent”, said Philip.
For him it’s an answer to Restrictions imposed to cryptocurrency miners in China. Felipe said that “the game has taken a turn” and that “we will again beat the average from 2020 to 2021”.
Hashrate graphics / image rendering Bitnada Channel on Youtube
The analyst also said the price spike and hash power are showing the market that the miner is going to speed up the work.
“The more expensive it is to mine a BTC, the more expensive the miner will pass on these costs. The more expensive the profit and the more expensive the network and the Bitcoin itself “, said Philip.