Bitcoin is showing a lot of positive signs above the $47,000 and $47,500 resistance levels. The price is eyeing further upside after correcting lower toward $44K earlier today.
The bulls were able to spark a fresh upward move that saw the BTCUSD pair carve a new lifetime high of $48,680. At the time of writing, the flagship cryptocurrency is consolidating gains below $48K as bulls prepare to tackle the $50K resistance next.
BTCUSD Chart By TradingView
The current BTC market bull run is being fuelled by an ailing global economy and a massive influx of institutional investors. The digital coin has set multiple new all-time highs over the past two months and shows little sign of slowing down.
Analysts Say the Current BTC Run is Unprecedented
In a Twitter exchange on Feb. 12, prominent crypto analyst and statistician Willy Woo discussed the ongoing BTC run with Dan Held, the growth lead at Kraken exchange.
During the discussion, Held admitted that the latest Bull Run is on a whole other level compared to the previous one in 2017. The Kraken exec had earlier shared sentiments that the BTC price had entered a “supercycle” in Dec of last year after the coin surpassed its previous 2017 peak.
Woo stopped short of confirming that BTC was in a supercycle just yet, claiming that he needed to see more capital inflows into the market to validate that assertion. However, he agreed with Held that the current rally is like no other.
Woo added that data shows the top digital asset entered the middle phase of the bull market last month as retail investors returned to bitcoin.
Search interest for the term “bitcoin” on Google trends has also spiked in the first portion of 2021, pointing to renewed retail interest in the cryptocurrency.
BTC Mining Fundamentals Reach Record Highs
According to the latest data from on-chain analytics firm Glassnode, miners are making a killing from the surging BTC prices. Miner revenue has risen in tandem with the increasing number of transactions on the network.
“#BTC miners just made over $4 million in a single hour – the highest hourly miner revenue in Bitcoin’s history so far,” analysts at Glassnode noted.
The bitcoin hash rate is also at record highs, proving that the network is working as designed; the BTC value is increasing post halving, incentivizing miners to increase their hash rate and devote more resources to the security of the blockchain.