Bitcoin Hashrate Prints Sharp Recovery As BTC Price Eyes Rebound

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As a seasoned crypto investor with several years of experience under my belt, I’ve witnessed the ups and downs of the Bitcoin market, including its volatile mining hashrate and difficulty adjustments. The recent recovery in the BTC hashrate, despite the setbacks such as CrowdStrike failure, is a testament to the resilience of this digital asset.

Despite the recent market setbacks, such as the CrowdStrike incident, the Bitcoin mining hashrate has shown remarkable resilience. Surprisingly, there was a significant uptick in this hasrate, aligning perfectly with the current Bitcoin price recovery.

BTC Hashrate and Mining Difficulty Increases

Based on data from Coinwarz, the mining difficulty for Bitcoin currently stands at approximately 82.05 trillion. This figure was reached at block 853,077 and signifies no change in mining difficulty compared to the previous day. Over the past week, the Bitcoin hashrate has risen by 3.21%. However, there was a decline of 1.95% over the last 30 days. The most significant drop occurred within the last 90 days, with a decrease of 5.02% in mining difficulty.

The anticipated Bitcoin difficulty adjustment is slated for July 31, 2024 around 4:30:50 PM UTC. On this day, the mining difficulty could potentially rise from its current level of 82.05 trillion to 88.54 trillion, which will transpire after the mining of approximately 1,707 more blocks.

The mining difficulty for Bitcoin refers to the level of complexity involved in mining the next block and discovering its valid solution to claim the reward. This metric indicates the number of computational efforts required to achieve this goal.

Periodically, the Bitcoin network makes adjustments to the metric in question. The incorporation of additional hashing power into the Bitcoin system necessitates an increase in difficulty to prevent blocks from being produced at an excessive rate. To manage this process, a block referred to as a “difficulty re-target” is implemented to either raise or lower the difficulty accordingly.

Bitcoin Heads Towards $70,000

As an analyst, I’ve observed today that Bitcoin (BTC) underwent a robust V-shaped bounce back in the daily chart from its support at $53,500. Concurrently, Bitcoin’s hashrate fueled this bullish reversal, propelling the coin’s value by an impressive 24.86%, resulting in a trading price of $66,597. In tandem with this surge, the overall market capitalization reached a significant milestone of approximately $1.315 trillion around the same timeframe.

At present, the price of Bitcoin is at $67,151.90, representing a 0.77% rise over the past 24 hours. The recent surge is attributed to various causes, such as the recovery of spot Bitcoin ETF inflows. Consequently, its market capitalization has grown to an impressive $1.3 trillion during this uptrend. Nevertheless, the current trading volume data raises some surprise with a potential downturn.

According to data from CoinMarketCap, Bitcoin’s trading volume increased by 29.14% within the last 24 hours, reaching a substantial figure of $23.33 billion. As the second most actively traded digital asset, Bitcoin holds a significant position in the market. The potential for Bitcoin to reach new heights remains strong as long as its hashrate remains stable.

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2024-07-21 01:07