Why is the price of BTC rising?

Today's price of bitcoin is rising! The worldwide market capitalization has risen above $1.19 trillion with a remarkable increase of 2.18%, painting the cryptocurrency markets in a good light. The trade volume also increased significantly by over 33.7%, reaching new highs of over $54 billion. Bitcoin continues to maintain its supremacy, elevating the whole cryptocurrency industry even while certain altcoins are soaring.

After consistently failing to close the daily transaction above these levels, the BTC price was able to sustain crucial support levels above $27,000, which baffled the market players. The RSI also showed a declinating trend, which supported the asset's bearish story. Yet the price overcame the bearish pressure and climbed to levels above $28,000.

What will happen next, and what can we anticipate for the Bitcoin price in the coming days?

The price of Bitcoin (https://coinpedia.org/price-prediction/bitcoin-price-prediction/) appears to have hit the midpoint of the year's ascent. In the upcoming days, it is expected that the price will print bullish candles as it recovers in a v-shape. But, it is anticipated that the forthcoming monthly close will have a greater impact on the price of bitcoin, which could move much higher and reach the upper resistance at $34,400.

The Bitcoin hash rate is currently reaching new records. It is merely a measurement of the amount of computing power needed by miners to approve a transaction and add the block to the chain.

The network is growing more decentralised as more miners join in to verify the transactions, as seen by the increased hash rate. Also, the miner's income is increasing, which can encourage them to keep their rewards for longer. This might not increase market-wide selling pressure and eventually spark a nice Bitcoin price rise.