The recent decision by Donald Trump to pause tariff increases, along with signs that inflation is slowing down, has stopped the recent selling trend in the market. As a result, more holders are buying Bitcoin again, and many believe it could reach $100,000 this month. However, sellers continue to weaken hopes of a bullish comeback. Amid this, activity on the Bitcoin network has gone up, which supports the potential that the current recovery in Bitcoin might continue.

In the past 24 hours, Bitcoin has been on a strong upward run, climbing close to $83,500. According to Coinglass, nearly $156 million worth of positions were liquidated during this rally—$43 million from buyers and $113 million from sellers.

At the same time, Bitcoin’s network activity has picked up. Data from Blockchain.com shows that the Bitcoin hashrate, a metric to measure how much computing power is securing the network, touched a new all-time high of 924.98 EH/s. It’s now getting close to the historic milestone of 1,000 EH/s.

This surge in hashrate has been building since April 2 and shows increased activity on the network despite the recent crash. Blockchain data shows a big jump in transaction volume and the number of new Bitcoin addresses being created. Over the last week, daily transactions are up 12.7%, and new addresses have increased by 16%, showing more traders are getting involved in Bitcoin.

Source: Coinpedia