Categories: Bitcoin Business

Bitcoin “Stronger Than Ever” as Hash Rate Sets Fresh All-Time-High

Click here to view original web page at www.newsbtc.com

Most crypto market participants have been closely watching to see how Bitcoin (BTC) reacts to its current position within the middle-$10,000 region, as whether or not it climbs higher or breaks lower from this price level could set the tone for the rest of the year.

Regardless of where the price goes in the near term, one critical fundamental indicator just hit a fresh all-time-high today, signaling that Bitcoin is fundamentally robust at the moment, which may ultimately result in bullish price action in the long-term.

Bitcoin Price Stagnates

At the time of writing, Bitcoin is trading down marginally at its current price of $10,380, a price region at which it has been trading sideways at for the past several days.

Previously, analysts have noted that $10,400 is a critical price level for the cryptocurrency, and a failure to decisively flip this current resistance level into a support level could spell trouble for BTC in the coming days and weeks.

Mayne, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a decisive break above $10,400 could lead Bitcoin’s price to surge past $11,000, but any extension of its downwards momentum could lead it to plummet back into the $9,000 region.

“$BTC Doesn’t look like we are going to hold $10.4K, if we can regain it we may have a shot at $11k. I’d look for a run of that $11.5k swing high. For now, this is looking dumpy to me, lose $10.2k and the $9k equal lows are calling,” he noted.

Doesn't look like we are going to hold $10.4K, if we can regain it we may have a shot at $11k. I'd look for a run of that $11.5k swing high.

For now, this is looking dumpy to me, lose $10.2k and the $9k equal lows are calling. pic.twitter.com/bn8Lt2zU5u

— Mayne (@Tradermayne) September 9, 2019

BTC Hash Rate Surges to Fresh All-Time-High

Bitcoin’s hash rate, which is a key indicator that shows BTC’s network health, just surged to a fresh all-time-high today, which signals that the cryptocurrency’s network is incredibly healthy at the moment, despite its current price lull.

Bitcoin Birch, another popular crypto analyst, spoke about this in a recent tweet, noting that it is up over 70% year-over-year.

“Bitcoin has never been stronger. A $BTC chart often overlooked is hashrate (miner power dedicated to processing transactions). Simply put; more hashes = a more secure & stronger blockchain. It just made a new all-time high, up 70%+ YoY,” he said.

Bitcoin has never been stronger

A $BTC chart often overlooked is hashrate (miner power dedicated to processing transactions).

Simply put; more hashes = a more secure & stronger blockchain.

It just made a new all-time high, up 70%+ YoY. pic.twitter.com/AYIKRUyFA0

As Bitcoin continues to range around the key $10,400 level, it is highly likely that it will soon grow clear as to whether or not bullish fundamentals are enough to propel the crypto’s price back towards its previously established all-time-highs.

Featured image from Shutterstock.

Tags:bitcoinbtccrypto BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Futures Contracts Headed Our Way in Early 2020

Futures exchange operator CME group has announced that it plans to begin offering bitcoin futures contracts starting in early 2020.… Read More

4 hours ago

History Suggests Bitcoin is Currently in Early Stages of Next Bull Run

After briefly incurring a significant influx of buying pressure, Bitcoin (BTC) has once again lost its momentum and is now… Read More

4 hours ago

Blackstone CEO Sees Blockchain’s Merit, But Is Not a Fan of Bitcoin

The traditional investment world has largely found itself split on whether or not Bitcoin and other cryptocurrencies constitute sounds investments,… Read More

4 hours ago

Crypto Tidbits: Bakkt Bitcoin Futures Inbound, NASA Hints at Blockchain Ambitions, Libra in Hot Water

Another week, another of Crypto Tidbits . While Bitcoin (BTC) effectively ended the week where it started in terms of… Read More

4 hours ago

Is Bitcoin Diamond growing in popularity?

Bitcoin Diamond (BCD) is a late-2017 implementation of the Bitcoin protocol that offers a larger supply, bigger block size, and… Read More

4 hours ago

3 Proven Methods To Earn Money Online With Bitcoin

It's possible to pay your bills with money earned from the cryptocurrency market. Everyone can generate additional income, or even… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More