The market sentiments appear to have flipped to a large extent as the star crypto has triggered a fine rise towards the next targets. The shorts are being squashed, while huge long bets are being placed. This displays the growing optimism among the market participants, which is in turn increasing the strength of the rally. After a slight pullback, BTC dominance is again rising, suggesting liquidity is flowing back into the star crypto.
With a steady rise in the Bitcoin price, network activity also soared to a large extent. The BTC hash rate, which calculates the network activity, has reached a peak. As per the data from ycharts, the Bitcoin network hash rate at the beginning of the month was recorded at 570.92 million TH/s, which is the highest in history.
A rise in the hash rate generally indicates that more computing power is required to verify and add the transactions to the network, making the network more secure. As the network becomes more secure, the investor’s confidence in the crypto surges, which could surely impact the price in the long term.
Alongside, the BTC price is closer to accomplishing a massive move as the technicals have flashed a huge bullish signal. The price recently encountered the very first weekly death cross in history, and now it may face the first weekly Golden Cross.
The weekly 50-MA and 200-MA are closer to undergoing a bullish crossover, which may occur in just a few days. This may offer the required push to the BTC price, which is trying hard to close the weekly trade above the crucial resistance. If the bulls sustain the gains, the target above $40,000 may be easily achieved and lay down a strong support base for Bitcoin to close the year on a bullish note.
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