Bitcoin held above the $41,500 resistance level over the weekend after a slide from the $46,000 level last week. The move came as hashrates for the Bitcoin network hit lifetime highs.
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Bitcoin has shown strength this month after a slide to yearly lows of $33,000 in January. It broke above the $38,000 and $41,500 resistance level in the first week of February to monthly highs of $46,000, a level previously seen in the final weeks of 2021.
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Traders have since taken profits on the move as bitcoin saw weekly lows of $41,600 in early Asian hours on Monday but recovered to nearly $42,000 in afternoon hours.
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Bitcoin hashrates have increased by over 50% in the past year. As of last July, miners based in the U.S. accounted for 35.4% of the hashrate on the network.