Bitcoin Recaptures $44K as Network Hits Lifetime Hashrate High
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Since the start of 2022, the BTC hashrate has recorded three consecutive all-time highs, with the first coming on new year’s day. By January 15, the hashrate hit another record high at 219.5 EH/s, followed by Saturday’s high. Currently, the network hash power has dropped a bit, as it trades around 239.48 EH/s.
Notably, this hashrate record sighting comes despite BTC trading 38% lower than its November $69K ATH. Meanwhile, the network’s difficulty has also hit a record high of 26.69 trillion, making it even more difficult to solve BTC blocks. Also, analysts forecast that this figure could increase by 3.33% in the next three days. This should give the network its third consecutive positive difficulty adjustment in 2022, with the difficulty jumping by 9.32% on January 20 and 0.18% by February 3.
At press time, 18,957,962 BTC out of the maximum supply of 21 million has been mined and added to the circulating BTC supply. Over the past few days, North America-based Foundry USA boasts the highest share of hash power. This mining pool has captured 20.16% of the global hashrate and has unearthed 101 block rewards with 41.45 EH/s.
Key Bitcoin Levels to Watch — February 15
BTC has regained a bullish trajectory, as it retained the $44K resistance barrier in a clean sweep earlier today, amid a goodish bounce in the broader market. However, the benchmark cryptocurrency seems to be facing a slight hitch around the $44.4k top, where it struggles to break above my multi-month trendline.
That said, BTC has stalled under this line for too long in my hourly chart, prompting a possible correction to the $44K – $43.7K axis over the coming hours. In the meantime, my MACD indicator shows that the primary cryptocurrency is still in the budding phases of a rebound, indicating that a prolonged correction in the near term is unlikely.
Meanwhile, my resistance levels are at $44,400, $45,000, and $46,000, and my key support levels are at $44,000, $43,000, and $42,000.
Total Market Capitalization: $1.98 trillion
Bitcoin Market Capitalization: $836.8 billion
Bitcoin Dominance: 42.2%
Market Rank: #1
