HomeMARKET NEWSBitcoin (BTC) Hashrate Hits All-time High As Price Holds Above $41K

Bitcoin (BTC) Hashrate Hits All-time High As Price Holds Above $41K

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On Saturday, Bitcoin (BTC) Hashrate surged to all-time highs of 248.11 million terahashes per second (TH/s). Although, just a week ago, the hashrate was still on the 180 million TH/s level. But according to data, the hashrate currently hovers around 209.63 million TH/s, falling over 15.51% within the past 24 hours.

Bitcoin (BTC) Hashrate hits all-time highs. (YCharts)

According to YCharts data, Bitcoin hashrates have surged by over 50% in the past year. As of last July, U.S-based miners accounted for no less than 35.4% of the network’s hashrate.

Bitcoin (BTC) Hashrate Impacts Price Action

Meanwhile, following the Bitcoin network’s hashrate hitting record highs, the price held above the $41,500 resistance level all through the weekend. This was after falling from last week’s $46,000 level.

Generally speaking, Bitcoin has been showing some form of strength in the month of February. Recall that there was a slide to yearly lows of $33,000 in January, albeit during a wider market crash. It has since then however, broken above the $38,000 and $41,500 resistance level in the first week of February to monthly highs of $46,000.

Although, Bitcoin saw weekly lows of $41,600 in early Asian hours on Monday, it has now recovered to nearly $42,300 at press time.

Bitcoin hit resistance at $45,000 and has since fell. (TradingView)

Analysis

With RSI, or Relative Strength Index levels showing readings of 39 on Monday, that is an indication of an end to the weekend slide and a continuation of the uptrend to the $48,000 level.

RSI is a price-chart indicator that calculates the degree of price changes. Any readings above 70 tyoically shows that an asset is “overbought” and could see a correction, while below 30 simply means “oversold” wherein assets may recover.

The weekend price action came as a result of hashrates surging to new all-time highs, as per data from analytics tool YCharts. Hashrates measure the computing power required to mine blocks on the Bitcoin network, and higher rates make it a lot more difficult for singular entities to try to control or manipulate the network.

Read more:

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