The bulls have tried several times in recent days to get the bitcoin (BTC) rate above $ 11,500. However, this hurdle seems to be too high at the moment, which means that the price may fall further in the short term. However, based on the fundamentals , the longer-term outlook remains bullish.
The direction of bitcoin has in the past few days been virtually horizontal. This can also be seen in the difference in the price of 24 hours ago. According to CoinMarketCap, bitcoin (BTC) is currently worth $ 11,365 after a small decrease of 0.03%. This puts the market capitalization of bitcoin at the moment at $ 201.6 billion.
The rest of the cryptomarket is showing similar movements. Ripple (XRP) is currently the largest climber among the altcoins in the top 10 cryptocurrencies with an increase of 3.04% . However, most altcoins currently show increases or decreases of less than one percent. With a total market capitalization of $ 323.5 billion, bitcoin dominance remains above 62%. This now stands to be precise at 62.3%.
Despite the perhaps bearish signals for the short term, sentiment for the medium and long term remains bullish. For example, well-known analyst Josh Rager wrote on Twitter :
I’m not sure why there is now a bearish sentiment around Bitcoin, just because the rate has not been able to test the previous highs. The daily and weekly graphs look good. Nice green candles on both, doesn’t look bearish. Still neutral, bullish at the moment,
This bullish sentiment for the longer term is supported by fundamentals such as the number of daily transaction inputs and outputs. In addition, the hash rate, the computing power of the Bitcoin network, also recently reached a new all-time high (ATH).
The hash rate is a good indicator of the health of the network. It shows, among other things, that more and more miners are joining the network, which would suggest that they expect an increase in the bitcoin price in the longer term. This increase could be due, among other things, to the halving scheduled for 2020. Thanks to halving the rewards for miners, the input of new bitcoins will be halved. If demand remains the same, the price must rise according to economic principles.