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Bitcoin (BTC) Hashrate Hits a New All-time High

Quick take:

Bitcoin’s hash rate has hit a new all-time highThis is despite the price of BTC continuing to struggle at the $10k psychological levelShort-term, Bitcoin looks bearish

Bitcoin (BTC) has set a new milestone in terms of hash rates. According to the team at Unfolded, Bitcoin’s hash rate has reached another all-time high. The team informed the crypto-verse regarding the new Bitcoin milestone via the following tweet.

#Bitcoin hash rate hits another all-time-high

data @glassnode pic.twitter.com/w3g3NDAjE3

— Unfolded (@cryptounfolded) September 8, 2020

#Bitcoin miners seem unphased by the recent drawdown in markets, continuing to produce hashes at record high levels…the CMBI Bitcoin Hash Rate Index indicates miners are conducting >130 EH per second

Short Term, Bitcoin is Bearish

When it comes to Bitcoin’s market action, veteran Bitcoin analyst, Willy Woo, has provided a brief analysis of the current BTC market turmoil. According to Mr. Woo, Bitcoin’s on-chain fundamentals could switch bullish in the weeks to follow. He also cautioned against declaring a Bitcoin bottom too soon but at the same time, mentioned that the current $10k levels might worth considering as a level to get back in.

Mr. Woo made the commentary on Bitcoin’s market activity via the following tweet.

Local on-chain switching bullish (looking at the next few weeks out), not calling this has bottomed, even though it may have. Playing the big swings it’s not a bad time to buy back in.

— Willy Woo (@woonomic) September 6, 2020

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