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Bitcoin Records Significant Hash Rate Spike Amid Bullish Resurgence

August 22, 2021

#BITCOIN#BTC#CRYPTOCURRENCY#NEWS#TechnicalAnalysis

The Bitcoin (BTC) network hash rate has recorded a massive spike since it bottomed at 69 EH/s. The hash rate peaked at 96 EH/s in July.

According to a report from coinwarz.com, the Bitcoin hash rate has climbed by 51% since it dropped to 69 EH/s and has maintained an uptrend ever since. That said, analysts predict that the recent increase in BTC hash power could make the difficulty adjustment, set for next Thursday, record a significant increase.

An increase in Bitcoin’s mining difficulty adjustment would record a third consecutive increase for the network, which should boost the price outlook for the benchmark cryptocurrency.

The last difficulty adjustment recorded an increase of 7.31%. Estimates show that the upcoming adjustment could come in at 7.61%, from 15.56 trillion to 16.74 trillion. However, a lot could happen within the next four days for BTC, given how volatile the markets are.

Meanwhile, Bitcoin recorded a new 14-week high yesterday after peaking at $49,800, giving BTC miners more income than they earned last month. Currently, the top five mining pools, including Antpool, Poolin, Btc.com, Viabtc, and F2pool control 67.3% of the global hash rate.

Key Bitcoin Levels to Watch — August 22

BTC has reclaimed a healthy standing above the critical 200 SMA line after suffering a dip below that level last Tuesday. Following that dip, a double bottom pattern emerged on our daily chart, which typically indicates a bullish resurgence. That said, bulls took advantage of this bias and sent the price flying above $49k.

BTCUSD – Daily Chart

Although the benchmark cryptocurrency recorded a minor dip from its $49,800 top, we expect a full recovery of that level and a possible reemergence above the significant $50k resistance in the coming days.

Meanwhile, our resistance levels are at $49,500, $50,000, and $51,400, and our key support levels are at $48,300, $47,000, and $46,000.

Total Market Capitalization: $2.10 trillion

Bitcoin Market Capitalization: $922 billion

Bitcoin Dominance: 43.8%

Market Rank: #1

 

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