Crypto Industry News:
The Bitcoin network recorded a new record hash rate of 248.11 million TH / s on February 12, 2022, further securing the decentralized ecosystem through the growing global network of Bitcoin miners.
The hash rate correlates with the computing power required by the hardware to confirm the transaction. The recent increase in BTC network speed provides continued security against attacks, deterring criminals from confirming fraudulent transactions.
The network hashing rate increased by 31.69% - from 188.40 EH / s to 248.11 EH / s - in just one day. Moreover, the hash rates of the Bitcoin network have increased by 54.33% over the last year.
Previously, a complete ban on mining and trading cryptocurrencies in China led to concerns about the security of the Bitcoin network as the Asian country contributed 34.25% of the total bitcoin hash rate.
As miners finally found refuge in other cryptocurrency-friendly countries, the Bitcoin network saw a sharp recovery - eventually surpassing previous all-time records. Currently, US-based miners contribute to the highest global hash rate of the Bitcoin network, accounting for 35.4%.
Technical Market Outlook
The BTC/USD pair continues the pull-back towards the level of $41,101 after the second Bearish Engulfing candlestick pattern occurred at the H4 time frame. The momentum remains neutral, but the market conditions are now oversold, so a reversal is expected any time soon. The nearest technical support is seen at $41,101 and $40,635. The intraday technical resistance is located at $42,700 and $43,484. The next target for bulls is seen at the level of $46,673 (38% Fibonacci retracement level).The bulls are in control of the market on the higher time frames as the momentum is strong and positive on the daily time frame chart as well, so the market is bouncing from the extremely oversold conditions.
Weekly Pivot Points:
WR3 - $48,470
WR2 - $47,163
WR1 - $44,156
Weekly Pivot - $42,937
WS1 - $40,001
WS2 - $38,380
WS3 - $35,654
Trading Outlook:
The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.
