Bitcoin price analysis: BTC retests $22.8k as hashrate hits 300 EH/s

Bitcoin (BTC/USD) rose on Wednesday as the crypto market strengthened following the week’s turmoil amid negative regulatory news and uncertainty across stock markets after Tuesday’s US inflation data.

According to CoinGecko data, Bitcoin climbed to highs of $22,800 across major exchanges, with the coin at 4% higher at around 8:00 am ET.

BTC price helps hashrate to 300 EH/s

With Bitcoin price up and mining profitability likely, miners look to have switched on their machines to help push network hashrate to 300 exahashes per second (EH/s).

As data Bitcoin mining pool Luxor Mining shared via Twitter shows, the computing power on the world’s leading blockchain network rose to the new all-time high above 300 EH/s, buoyed by BTC price and the declining energy prices.

The rising hashrate comes after most of the world’s largest miners endured brutal market conditions that had a few filing for bankruptcy protection. But while the broader crypto mining industry is still economically constrained, the growth in hashrate suggests confidence from miners.

If prices continue to rise in the short term, Bitcoin’s hashrate could follow and hit new all-time highs above 300 EH/s.

Crypto analyst Michael van de Poppe says Bitcoin will probably consolidate after reaching support at the $21.5k level. If bulls hold the key support zone around $21k amid a slow grind, its possible investors could target the resistance area at $25k.

In the meantime, Bitcoin’s resilience triggered positive action for all of the top ten altcoins by market cap. Cardano was up 8.2% at around 8:00 am ET on Wednesday, while Polygon had gained 7.7% in the past 24 hours and Dogecoin price was 6% higher.

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