Two key Bitcoin price metrics suggest that bulls will be able to hold the $30,000 level as support. These metrics are:
1. The Bitcoin network’s hash rate has recovered from its recent dip. The hash rate is a measure of the computing power being used to mine Bitcoin. When the hash rate drops, it can indicate that miners are selling their Bitcoin to cover costs, which can put downward pressure on the price. However, the hash rate has recently rebounded, suggesting that miners are once again investing in mining equipment and are bullish on Bitcoin’s future price.
2. The number of long-term holders of Bitcoin has increased. Long-term holders are investors who have held their Bitcoin for at least a year. When the number of long-term holders increases, it can indicate that investors are confident in Bitcoin’s long-term prospects and are not selling their holdings despite short-term price fluctuations.
These two metrics suggest that there is strong support for Bitcoin at the $30,000 level. While there may be short-term volatility, the overall trend is bullish.
In summary, the recovery of the Bitcoin network’s hash rate and the increase in the number of long-term holders suggest that bulls will be able to hold the $30,000 level as support. While there may be short-term volatility, these metrics indicate that the overall trend for Bitcoin is bullish.
