Bitcoin's Hashrate has collapsed 40% mysteriously

Bitcoin (BTC) has just dropped below $ 9,500 for the first time in nearly two weeks on February 17 as selling pressure continued to exert influence on the market.

Weekly cryptocurrency price chart. Source: Coin360
Weekly cryptocurrency price chart. Source: Coin360

BTC continues to fail below $ 10k

Data from Coin360 and Cointelegraph Markets show that the BTC / USD pair touched a 12-day low at $ 9,485 on Monday. At the time of writing, the BTC price is struggling to find support at $ 9,500.

The latest bearish move follows a 4-day slide of Bitcoin – which peaked at $ 10,500 before facing strong resistance.

Some traders were worried when a huge deposit of 600 BTC ($ 5.72 million) was deposited loaded go to the BitMEX derivatives exchange today.

Weekly declines are currently around 3.5%, while Bitcoin's monthly profit is still quite strong at 7%.

As Toiyeubitcoin reported, the annual profit for Bitcoin investors remains intact at nearly 40%.

Bitcoin 1 day price chart. Source: Coin360
Bitcoin 1 day price chart. Source: Coin360

Last week, veteran trader Tone Vays said that $ 9,500 would represent an ideal range to place a Long position.

Strong bulls on long-term profits

Meanwhile, the short-term volatility has failed to beat some of the most famous Bitcoin bulls in the industry. Speaking in an interview over the weekend, TV host Max Keizer stated that he had “officially” increased the prospects for the BTC / USD pair for the first time since 2012.

Now, he said, Bitcoin will not stop at $ 100,000, but instead, it will quadruple that price to reach $ 400,000.

However, at the current price, Bitcoin still surpassed technical expectations for its average price before the halving event took place in May 2020.

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According to estimates of the stock-to-flow model, which accurately predicted the price of BTC in history, the leading cryptocurrency will trade at an average of $ 8,600 until next May.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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