The post Bitcoin Reclaims $99K as Bulls Take Charge Amid Rising Hashrate appeared on BitcoinEthereumNews.com.

Bitcoin trades at $99,248, with a $1.96T market cap and $24.95B trading volume. Rising hashrate highlights miner confidence and robust network security. Bitcoin has reclaimed the $99,000 mark, trading at $99,248.51 with a 1.02% daily rise. Its market cap reached $1.96 trillion, up 1.02%, while the 24-hour trading volume surged 22.46% to $24.95 billion. Bitcoin’s fully diluted valuation (FDV) is now $2.08 trillion, with a market cap ratio of 1.26%.  Despite Proof-of-Work challenges, Bitcoin’s rising hashrate highlights strong miner confidence and robust network security. Notably, U.S. mining pools played a major role in driving Bitcoin’s recent $19 trillion transaction milestone.  MicroStrategy’s plan for a $2 billion perpetual preferred stock offering to increase Bitcoin holdings signals strong institutional faith. Meanwhile, the Bitcoin ETF market recovered, with $908 million in inflows fueled by political backing and increasing institutional participation. Will the Bullish Rally continue? Bitcoin faces a crucial resistance level at $100,200, with a key support zone at $97,800. A breakout above the resistance could drive prices toward $103,000, signaling further bullish momentum. However, failure to maintain support could result in a decline toward $95,500, testing buyer strength. The Relative Strength Index (RSI) currently stands at 68, nearing overbought territory, while the RSI average is 64, indicating caution in the short term. If the RSI crosses into overbought levels, some short-term selling pressure could emerge. Moving averages show strong bullish signals. The 50-day Moving Average (MA) is positioned above the 200-day MA, forming a golden crossover, a classic bullish indicator. Additionally, the 20-day MA is trending upward, reflecting continued short-term momentum. The Moving Average Convergence Divergence (MACD) reveals widening gaps between the MACD line and the signal line, signaling sustained bullish sentiment. If volumes remain strong, this pattern suggests further upward momentum. In the broader trend, Bitcoin remains above the Fibonacci retracement…

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Filed under: News - @ January 6, 2025 9:21 am