Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?

Based on CryptoQuant data, one observer notes that whenever the Bitcoin hash rate records new highs, as is the case in late January 2023, coin prices tend to retrace as the upside momentum fades.  Extending this preview on current BTC rates, the analyst predicts that prices may rise above the current resistance level at $23,800 to $25,500 before dumping below immediate support lines towards $20,000, or worse.  Bitcoin Price on January 27| Source: BTCUSDT on TradingView Hash Rate Peaks Are Selling Signals? Per his analysis, expanding Bitcoin prices would encourage more users and mining farms to power on their rigs, further