Bitcoin Resurfaces Above $50K as the BTC Hashrate Sustains Above 180 EH/s
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
New reports show that SHA256 miners have kept the Bitcoin (BTC) hash power above the 180 exahash per second (EH/s) mark. As of today, the BTC has rate hovers around 186 EH/s.
Bitcoin recorded a hashrate high at 194.95 EH/s on December 8 and has struggled to refresh this level ever since. Nonetheless, the hashrate has come a long way since it crashed to 69 EH/s in June. The network lost over 63% of its hash power from 191 EH/s recorded in May following the crackdown on mining operations by Chinese authorities. However, five months after this crash, the hashrate has recovered and regained the processing power lost during that period. Notably, BTC exchanged hands at $34K in June, reflecting the downtrodden hash power.
This week, the benchmark cryptocurrency has held its price above $47K, extending additional support to the hashrate—even after the network recorded a mining difficulty adjustment of +8.33% on December 11.
Meanwhile, the network difficulty could record a negative adjustment for the first time in about a month since it dropped by 1.49% in November. Estimates project that the mining difficulty would drop by 0.23% in the next 24 hours. This would bring the current 24.20 trillion mining difficulty down to 24.14 trillion.
Key Bitcoin Levels to Watch — December 23
In a sharp turn of events, Bitcoin has breached the $50K barrier after building upon the bullish momentum from Monday. The benchmark cryptocurrency has now reentered the $51.4K – $50.5K pivot zone, as bulls eye a parabolic run to $56K.
That said, BTC still needs to record a sustained rally above the $51.4K top to negate the long-lasting bearish bias. Failure to do so in the near term could force a correction to the $48K axis for the primary cryptocurrency.
Meanwhile, my resistance levels are at $51,400, $53,000, and $54,000, and my key support levels are at $50,000, $49,500, and $48,500.
Total Market Capitalization: $2.29 trillion
Bitcoin Market Capitalization: $925 trillion
Bitcoin Dominance: 40.4%
Market Rank: #1
