After incurring a sudden influx of buying pressure that sent Bitcoin\u2019s price surging to highs of nearly $10,500, BTC has been unable to maintain its upwards momentum and has now retraced back towards its key support level at $10,000.<\/p>\n
Bitcoin\u2019s fundamental strength has remained strong in spite of this lackluster price action, which may be a more important metric to gauge which direction BTC is going to trend next over its near-term price action.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up 2.8% at its current price<\/a> of $10,190, which marks a decent surge from its daily lows of $9,900, but also marks a slight retrace from its daily highs of over $10,400.<\/p>\n This recent price action simple marks an extension of the narrowing trading range that Bitcoin has been caught in within the past couple of months, with BTC trading<\/a> between the lower-$9,000 region and the upper-$10,000 region.<\/p>\n During this time, Bitcoin\u2019s hash rate has been climbing significantly, and just set fresh all-time-highs earlier this week. Hash rate is a key indicator that elucidates the fundamental strength of Bitcoin, and its steady rise throughout 2019 signals that Bitcoin\u2019s network is incredibly strong at the moment, in spite of its recent sideways price action.<\/p>\n Hodlonaut, a popular figure within the cryptocurrency industry, recent spoke about BTC\u2019s hash rate in a recent tweet, explaining that it points to an underlying confidence in the cryptocurrency.<\/p>\n \u201cThe explosion of Bitcoin hashrate is under-reported imo. Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase. Someone is confident…. Me too,\u201d he said.<\/p><\/blockquote>\n The explosion of Bitcoin hashrate is under-reported imo.<\/p>\n Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%.<\/p>\n We are about half way through the current readjustment period, and on track for another 11.85% increase.<\/p>\n Someone is confident….<\/p>\n Me too.<\/p>\n \ud83d\ude80<\/p>\n — hodlonaut 80 IQ 13%er \ud83c\udf2e\u26a1\ud83d\udd11 \ud83d\udc1d (@hodlonaut) September 18, 2019<\/a><\/p><\/blockquote>\n\n