Bitcoin Price Rally To $9,600 Still Imminent As Hash Rate Hits New All-time High In July
- Bitcoin hash rate rises to new all-time highs amid acute price consolidation and range trading.
- Max Keiser believes that fiat money is losing power and Bitcoin is the ultimate winner.
Bitcoin price remains unchanged for the second day of trading this week. The stagnation has been its cup of tea for a few weeks now. However, the hash rate parameter of the Bitcoin network continues to rise. In other words, hash rate is the level of computational power dedicated to mine Bitcoin.
As per the data released by CoinCorners’s Matt Ward, Bitcoin hash rate hit a new all-time high on Monday. The parameter rose to 147.88 exahashes per second; double the value seen over 12 months back. At the same time, it is over ten times that hash rate during Bitcoin price at $20,000.
Read also: Bitcoin Price Stuck In Consolidation: Why Hope For Trading Above $10,000 Is Still Alive
Bitcoin Price Analysis
A higher hash rate means that the Bitcoin network is more secure. Unfortunately, the price has flattened with little to no volatility. One of the biggest evangelist for Bitcoin and also a prominent investor, Max Keiser says that a rally is likely to follow the surge in the hash rate. In a tweet published on Monday, Keiser showed his optimism saying:
Hashrate precedes price BTC. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing Soon, BTC will actually be drawing energy away from fiat.
BTC/USD 1-hour chart
At the time of writing, Bitcoin is trading at $9,238 after bouncing off short term support at the 50% Fibonacci level. A weak bullish trend is building towards the resistance at $9,300. Buyers must, however, brace for more resistance at the 50 EMA ($9,260.66) and the 100 EMA ($9,256.59). The weak momentum is supported by the upward-pointing RSI. A cross above the midline would encourage bulls to increase their entries and push Bitcoin above $9,400 and pave the way for $9,600.
Read more: Fidelity Discloses Ownership In Bitcoin Mining Company, Signs Of Mainstream Crypto Adoption?
Bitcoin Key Intraday Levels
Spot rate: $9,234
Percentage change: -0.02%
Relative change: -2.13
Trend: Bullish
Volatility: Expanding
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Tue, 14 Jul 2020 02:01:13 +0000
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