Bitcoin Price Analysis: BTC/USD stalls under $9,000 even as hash rate spikes to new all-time high

Bitcoin price has had a relatively stable weekend trading with the upside limited under $9,000. However, the largest digital asset is having a drab start this week following a 1.88% retracement on the day. From an opening value of $8,909, BTC has corrected lower to $8,740. On the upside, an intraday high has been formed at $8,947. Meanwhile, the prevailing trend is bearish while the volatility is high.

Bitcoin hashrate rises to a new all-time high

Bitcoin halving is only a week away and according to the data by Glassnode, an on-chain form, its hashrate has spiked to a new all-time high. Hashrate represents the total computational power in the network. The power surged to 140 EH/s amid the anticipation for the block reward halving.

Bitcoin hashrate tends to react to the price action. For instance, the price crash in March resulted in a 45% drop in the hashrate. Over the past seven weeks, the computational power has recovered significantly in tandem with price performance. On April 30, Bitcoin surged to $9,481 before correcting lower.

Bitcoin price technical picture

Bitcoin price is trading above the moving averages whereby the 200 SMA and the 50 SMA have been tuned into support areas at $8,000 and $7,000 respectively. The 50-day SMA has started to close the gap towards the 200-day SMA as a signal of the buyers gaining confidence and traction against the bears.

Other technical indicators such as the RSI and the MACD clearly show that the bulls have the upper hand in spite of the afore-mentioned minor retreat. The big question remains, will Bitcoin rally to $10,000 before the halving? I will be demystifying this question in the analyses before the main event.

BTC/USD daily chart