This Causes Bitcoin Prices Threatened To Drop To US $ 14,000

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In the midst of the recovery that occurred this week, the price of Bitcoin is still in danger of falling further according to an analyst.

After the fall of the US dollar index and the returns of US treasuries, the risk asset market is starting to try to recover, including crypto assets.

Led by Bitcoin, the crypto market has tried to go green in the past week, bringing renewed hope among retail investors as 2022 draws to a close.

In the past, October has also been a positive month for crypto, but there are technical factors that could potentially bring Bitcoin and the crypto market back.

Causes Bitcoin Price Threatened Falling

According to a Cointelegraph report, popular trader on Twitter Il Capo has shared his technical view, which sees the opportunity for a deeper price drop.

On the 8-hour chart shared by Il Capo above, the price of Bitcoin has the potential to rise to the range of US$20,500 – US$21,000 before being threatened to fall deeper to a new low of US$14,000 – US$16,000.

This new range of lows he sees will be a real bottom point for BTC prices to start a rally and continue to shoot away from the cold and miserable crypto winter.

Il Capo also underlined that investors still need to hold on to the movement of the US dollar index (DXY), which yesterday just managed to survive the decline, making the 110 level as support.

If this level is not broken, then DXY will strengthen again, the US dollar will again dominate market interest. This could trigger a return to the sell-off in the crypto market.

Hashrate BTC Touch ATH 

On the other hand, although the price of BTC continues to erode, its mining hashrate has touched an all-time high (ATH).

Bitcoinist reports that Bitcoin hashrate has risen to 258 Exahash per second (EH/s) on Tuesday (4/10/2022). It has surpassed the previous ATH at 158 ​​EH/s, aka a growth of 43 percent.

Observers from data mining tool and metrics firm Brainins Insights see the increase in hashrate as an indication of increasing miners' optimism and becoming more bullish on Bitcoin over the long term.

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