{"id":636392,"date":"2024-08-19T12:30:06","date_gmt":"2024-08-19T12:30:06","guid":{"rendered":"https:\/\/ktsl888.com\/?p=636392"},"modified":"2024-08-19T09:46:55","modified_gmt":"2024-08-19T09:46:55","slug":"bitcoin-sees-momentum-in-hashrate-despite-failure-to-beat-60000-resistance","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-sees-momentum-in-hashrate-despite-failure-to-beat-60000-resistance\/","title":{"rendered":"Bitcoin Sees Momentum In Hashrate Despite Failure To Beat $60,000 Resistance"},"content":{"rendered":"

The Bitcoin hashrate<\/span><\/a> is again on the rise, undoubtedly a bullish development for the flagship crypto. This comes amid Bitcoin\u2019s failure to break above the <\/span>$60,000 resistance level<\/span><\/a>, although that looks to change soon enough based on recent market analysis.\u00a0<\/span><\/p>\n

\"bitcoin
BTC’s price trends to the upside following an important crash on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin\u2019s Hashrate Is Gaining Momentum\u00a0<\/b><\/h2>\n

Data<\/span><\/a> from the Hashrate Index shows that <\/span>Bitcoin\u2019s hashrate<\/span><\/a> has notably increased in the last seven days. Based on the 7-day simple moving average (SMA), Bitcoin\u2019s hashrate has increased from 629 EH\/s recorded in August to 645 EX\/s as of August 19. The surge occurred following the recent adjustment in the <\/span>network\u2019s difficulty<\/span><\/a>, which dropped to 86.87 T.\u00a0<\/span><\/p>\n

Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally?<\/a><\/div>\n

The hashrate, which refers to the total computing power on the Bitcoin network, has continued to fluctuate, suggesting a lack of instability in the flagship crypto\u2019s ecosystem. This has been mainly thanks to Bitcoin\u2019s price action since the <\/span>halving event<\/span><\/a>, leading to miners\u2019 capitulation, with many miners exiting the Bitcoin ecosystem.\u00a0<\/span><\/p>\n

However, the recent surge in the hashrate is undoubtedly a welcome development, especially amid Bitcoin\u2019s tepid price action, with the flagship crypto failing to break above $60,000. The surge indicates that <\/span>capitulation has cooled off<\/span><\/a> and that miners are committing more computation resources to the Bitcoin network.\u00a0<\/span><\/p>\n

Crypto analysts like Willy Woo have also <\/span>highlighted<\/span><\/a> the importance of the hashrate, noting that Bitcoin\u2019s price will only recover when the hashrate does. He also stated that Bitcoin would need to shed weak hands during this period, meaning that inefficient miners would need to go bankrupt or pack up their operations while others upgrade to more efficient hardware.\u00a0<\/span><\/p>\n

Such an occurrence will help provide much-needed stability in the Bitcoin ecosystem since that will ease the significant selling pressure that these miners have put on the flagship\u2019s crypto price since the halving event.\u00a0<\/span><\/p>\n

Bitcoin Gearing Up For A Big Move To The Upside<\/b><\/h2>\n

Crypto analyst Titan of Crypto<\/span><\/a> recently <\/span>suggested<\/span><\/a> that Bitcoin was gearing up for a massive move to the upside. This followed his analysis of <\/span>Bitcoin\u2019s price<\/span><\/a> using the <\/span>Ichimoku cloud indicator<\/span><\/a>. As part of his analysis, he revealed that Bitcoin had just closed a candle above Tenkan and was now eyeing a Kijun reclaim.\u00a0<\/span><\/p>\n

\"bitcoin<\/p>\n

This refers to the TK crossover, which indicates that a potential upward trend may be on the horizon for Bitcoin. Titan of Crypto also revealed that Bitcoin\u2019s <\/span>moving average convergence\/divergence<\/span><\/a> (MACD) indicator has crossed bullish on the daily timeframe, further strengthening the case that the flagship crypto will soon enjoy a rally to the upside.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Price Trims Gains: Is The Recovery Losing Steam?<\/a><\/div>\n

Crypto analyst Trader Tardigrade<\/span><\/a> also <\/span>noted<\/span><\/a> that Bitcoin\u2019s MACD has shown double bullish signals on the chart. In line with this, he claimed that the flagship crypto has a high chance of pumping again soon.\u00a0\u00a0<\/span><\/p>\n

\"bitcoin<\/p>\n

At the time of writing, Bitcoin is trading at around $58,500, down almost 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

Cover Image from DALL-E, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin hashrate is again on the rise, undoubtedly a bullish development for the flagship crypto. This comes amid Bitcoin\u2019s failure to break above the $60,000 resistance level, although that looks to change soon enough based on recent market analysis.\u00a0 Bitcoin\u2019s Hashrate Is Gaining Momentum\u00a0 Data from the Hashrate Index shows that Bitcoin\u2019s hashrate has notably increased in the last seven days. Based on the 7-day simple moving average (SMA), Bitcoin\u2019s hashrate has increased from 629 EH\/s recorded in August to 645 EX\/s as of August 19. The surge occurred following the recent adjustment in the network\u2019s difficulty, which dropped to 86.87 T.\u00a0 Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally? The hashrate, which refers to the total computing power on the Bitcoin network, has continued to fluctuate, suggesting a lack of instability in the flagship crypto\u2019s ecosystem. This has been mainly thanks to Bitcoin\u2019s price action since the halving event, leading to miners\u2019 capitulation, with many miners exiting the Bitcoin ecosystem.\u00a0 However, the recent surge in the hashrate is undoubtedly a welcome development, especially amid Bitcoin\u2019s tepid price action, with the flagship crypto failing to break above $60,000. The surge indicates that capitulation has cooled off and that miners are committing more computation resources to the Bitcoin network.\u00a0 Crypto analysts like Willy Woo have also highlighted the importance of the hashrate, noting that Bitcoin\u2019s price will only recover when the hashrate does. He also stated that Bitcoin would need to shed weak hands during this period, meaning that inefficient miners would need to go bankrupt or pack up their operations while others upgrade to more efficient hardware.\u00a0 Such an occurrence will help provide much-needed stability in the Bitcoin ecosystem since that will ease the significant selling pressure that these miners have put on the flagship\u2019s crypto price since the halving event.\u00a0 Bitcoin Gearing Up For A Big Move To The Upside Crypto analyst Titan of Crypto recently suggested that Bitcoin was gearing up for a massive move to the upside. This followed his analysis of Bitcoin\u2019s price using the Ichimoku cloud indicator. As part of his analysis, he revealed that Bitcoin had just closed a candle above Tenkan and was now eyeing a Kijun reclaim.\u00a0 This refers to the TK crossover, which indicates that a potential upward trend may be on the horizon for Bitcoin. Titan of Crypto also revealed that Bitcoin\u2019s moving average convergence\/divergence (MACD) indicator has crossed bullish on the daily timeframe, further strengthening the case that the flagship crypto will soon enjoy a rally to the upside.\u00a0 Related Reading: Bitcoin Price Trims Gains: Is The Recovery Losing Steam? Crypto analyst Trader Tardigrade also noted that Bitcoin\u2019s MACD has shown double bullish signals on the chart. In line with this, he claimed that the flagship crypto has a high chance of pumping again soon.\u00a0\u00a0 At the time of writing, Bitcoin is trading at around $58,500, down almost 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Cover Image from DALL-E, chart from Tradingview<\/p>\n","protected":false},"author":594,"featured_media":633850,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,1119,78790],"class_list":["post-636392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Sees Momentum In Hashrate Despite Failure To Beat $60,000 Resistance<\/title>\n<meta name=\"description\" content=\"Bitcoin\u2019s hashrate is again on the rise, which is undoubtedly a 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