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The bitcoin hash rate has reached a record level and is challenging declining BTC price behavior

July 7, 2020

An important Bitcoin metric (BTC) has set a new recordbecause miners promise more and more computing power to secure the network.

Data from various resources, including blockchain, confirm that on July 6th The average bitcoin hash rate for seven days peaked.

Bitcoin’s average 7-day hash rate exceeds the March high

The success follows a growth of the hash rate over several weekswith a seven-day average of 123.4 EH / s from Monday.

The bitcoin hash rate has reached a record level and is challenging declining BTC price behaviorThe bitcoin hash rate has reached a record level and is challenging declining BTC price behavior

The previous record was produced in early MarchOnly a week before the decline caused by coronavirus, network activity and prices were significantly disrupted.

Bitcoin 7-day average hash rate 1-year chart

1-year chart of the average bitcoin hash rate. Source: Blockchain

The hash rate is an estimate of the computing power that miners invest in processing Bitcoin transactions. A higher average indicates that miners have more confidence in profitability and that their activities strengthen the network..

Cointelegraph reports regularly on changes in the hash rate as well as the difficulties with Bitcoin miningthat are on the rise even after about a month of stagnation.

The BTC price is weak 50DMA

The surge in fundamentals is currently in contrast to the relative lack of support for Bitcoin’s price hike. As Cointelegraph reported, only pressure from the BTC / USD stock markets saved a third iteration of the $ 9,000 support level in the same number of days.

The highs of $ 9,370 were short-lived;; The pair is nearing $ 9,250 at press time.

In summary, filbfilb, an analyst at Cointelegraph Markets, found that These values ​​correspond to Bitcoin’s 50-day moving average (DMA)..

Bitcoin has shown a strong correlation to the SP 500, and this week PlanB expects BTC to reach USD 190,000 when the index exceeds 4,000 points.

Meanwhile, Volatility is at lows that have not been seen since November 2018Just before a big sale brought Bitcoin to a low of $ 3,100.