A symmetrical triangle shows support at $38,000 however professional traders have didn't add leverage long positions, per exchanges' information. 



Bitcoin (BTC) has been cornered during a symmetrical triangle for 56 days and also the trend change might last till early might, in keeping with value technicals. 

Currently, the price stands at $38,000, whereas constellation resistance for daily shut stands at $43,600. 

Bitcoin mining up, retail interest down

Bitcoin/USD price at FTX. Source: TradingView

The week started with a positive achievement for the Bitcoin network because the Lightning Network capability reached a record-high three,500 BTC. This answer permits extraordinarily low-cost and instant transactions on a secondary layer, called off-chain process. 

After cryptocurrency mining activities were prohibited in China in 2021, publicly-listed firms within the us and Canada attracted most of this process power. 

As a result, Bitcoin's hash has recovered dramatically since the summer. It's presently at uncomparable highs at over 200 EH/s. per the Cambridge Bitcoin electricity consumption index, 45% of the worldwide hash rate derives from North America. 

Furthermore, Whit Gibbs, the founder and CEO of Compass Mining, declared that "public mining firms undoubtedly have a plus once it involves holding Bitcoin as a result of they need access to the capital markets." additionally, there's less selling pressure as miners' reserves are steady increasing. 

Global search for the “Bitcoin” term. Source: Google Trends

Meanwhile, searches for "Bitcoin" on Google are nearing their lowest levels in 12 months. This indicator might partly justify why Bitcoin is 41st below its $69,000 all-time high, i.e., public interest is low. Still, one has to analyze however skilled traders are positioning themselves, and there's no better gauge than derivatives markets. 

( Marcel Pechman, Cointelegrph,2022 )