Bitcoin Recaptures $50,000 After Declining for Over Week

Bitcoin has broken above the $50,000 level after a week-long break

At the moment, BTC is changing hands at $50,131 on the Kraken exchange. Now, Bitcoin is down 22.72% from its all-time high of $64,863 reached on April 14.

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Image via TradingView

The Bitcoin hashrate has been recovering recently at a fast pace as miners forced to leave China earlier this year have resumed operations in other locations. As per data from the CryptoQuant data vendor, miners have been purchasing mining gear since June, which proves they may have been expecting the Bitcoin price to rise and hold well above the $48,000 level soon enough.