Latest Bitcoin cryptocurrency news: Bitcoin is nearing its second attack on crucial resistance this week as the bulls stand firm. After a mixed weekend, Bitcoin has already returned and made up for all its losses. It had a $48,000 drop and a significant rejection at that level.
Bitcoin Cryptocurrency News – Return to $48,000
This weekend was a bit of a stick for Bitcoin. Saturday began to rise after BTC / USD jumped above $47,000. This is a zone that immediately borders the Great Wall of Resistance, which remains in place.
Then, the failed attack on the zone ended in a sharp reversal. Consequently, Bitcoin dropped to local lows at $45,500 before recovering. This recovery, which lasted until Sunday, eventually returned Bitcoin to where it began the weekend event. Monday’s picture gives traders a strong sense of deja vu.
With the prospect of retaliation now on the agenda, retailers are still persistent at $48,000. A look at the buying and selling levels on the primary stock exchange Binance shows the extent of resistance. On the other hand, the support of $45,000 is now also considerable.
What about the hashrate
Known good news from a well-known source – the primary indicators of the bitcoin network are still rising to historical highs. After Friday’s automatic re-adjustment, the difficulty increased by 7.3%, completing its best performance since the May sale of the Bitcoin price. Mining power returns to Bitcoin after being expelled from China, while existing operations add to their capabilities. As the latest Bitcoin cryptocurrency news suggest.
The result is a greater hashrate of Bitcoin mining. With it, there is more competition for a subsidy for the Bitcoin bloc. This is a process that leads to an increase in the difficulty of keeping the network in balance. It also increases network security and underscores the miners’ long-term commitment to Bitcoin. An investment in exchange for a profit.
On Monday, the hashing rate was 113 EH/s. Now, it is firmly above 100 EH/s and 30 EH/s above the minimum after May.
The dollar celebrates 50 years, with lamentation
After a difficult end to the week for the US dollar, Monday has brought only a slight reversal so far. This weekend marks the 50th anniversary of the US ending the dollar’s convertibility into gold.
While the dollar’s weakness is not a guarantee of easy returns for BTC, it remains a helpful indicator of the potential of the crypto market. Currently, the US dollar currency index (DXY) is at 92.6, down from more than 93 last week.
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What about Greed?
A slight counterpoint to the desire for a permanent bullish impulse on Bitcoin is market sentiment. It is already flirting with “extremes”. These come in the form of the Crypto Fear & Greed index, which flashed the highest score in the last four months over the weekend.
The index, which uses a basket of factors to determine whether crypto is generally oversold or awaiting a sell-off at specific prices, reached 76/100 on Sunday, corresponding to “extreme greed”. On the other hand, it measured 10/100 last month. The exact opposite of today’s situation, or “extreme fear.”
Cryptocurrency News about Altcoins
The loss of one coin is another week’s gain. It looks like altcoins may be the primary recipients of the current sentiment. Bitcoin improved by about 8% compared to last week. The leading altcoins still outperform its profits.
Of the 50 largest cryptocurrencies by market capitalization, many recorded weekly returns over 20%. Solana (SOL) is leading with 60% on Monday. Despite its strong performance, Bitcoin’s dominant market capitalization at 43.7% is also declining, opening the potential for altcoins to lead in Q4.
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