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Bitcoin is more positive than ever for a prolonged upward rally. This is accompanied by both some fundamental indicators and a technical component. Today, Bitcoin has crossed the $44,000 milestone.
However, digital gold still has a long battle with inflation, nervous stock markets, and global regulations. However, at the moment, Bitcoin has never been stronger than it is now.
This month, the Bitcoin hashrate chart is as high as ever, the evaluation of the computing power intended for mining, and reaches new historical highs. Miners have very successfully relocated to the United States after being banned in China and feel like a fish in water on the territory of the United States of America. Texas is now the promised land for miners.
The complexity of bitcoin mining has fully recovered after the event with China. At the same time, the nearest automatic adjustment can lead the complexity of bitcoin mining to a record 27 trillion.
The $45,500 milestone has been successfully tested this month, Bitcoin wants to repeat this achievement, retest this milestone, and consolidate.
Bitcoin is testing new support for the 50-day moving average. After a long recovery, key resistance levels that could not be observed back in January are now important for bitcoin.
Well-known analyst Matthew Hyland, for example, believes that Bitcoin is still at a crossroads between support and resistance, thereby taking a wait-and-see position.
The resistance and support levels are closer than ever to each other, which shows that Bitcoin is not yet strong enough and weak enough to fully recover, but it is on the right track.
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