Bitcoin Could be About to Breakout - FOREX SIGNAL
It was trading at 20,150 on Thursday morning, which was much higher than last month’s low of $18,172. Other cryptocurrencies like ETH and LTC have also continued consolidating.The BTC/USD price has been in a tight range in the past few weeks as the market waits for the next catalyst. It has managed to outperform other assets like stocks and gold.
While Bitcoin has consolidated, some on-chain metrics point to a potential upside. For one, Bitcoin’s supply in exchanges has dropped to the lowest level in months. Another important data is Bitcoin’s hash rate, which has risen to the highest level on record. The hash rate rose to 260 TH/s, which was much higher than where it was in September. It has risen by more than 72% since the same time in 2021.
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