The rise of the Bitcoin (BTC) price to $48,200 on October 1 was associated with the September 30 statements of the US Federal Reserve chairman, Jerome Powell. When asked to clarify his comments on Central Bank Digital Currencies (CBDC), Powell confirmed that the Fed has no intention of banning cryptocurrencies.
Another plausible reason for the current rally was Bitcoin’s 7-day average hashrate jumping to 145 exahash per second (EH/s). That number is the highest since the crash in early June, when China’s mining pressure intensified.
Finally, the increased approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) may have set the stage for investors’ recent bullish moves.
What is clear is that multiple factors paved the way for last week’s rally, pushing it up to $49,000. It is also the basis for the bulls’ efforts to reclaim $50,000 today. So, let’s take a look at 3 indicators that signal “buy BTC” before the last price action.
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