Amidst the bearish price of Bitcoin, the hash rate of the blockchain has doubled in the last three months. Besides the huge degradation in the crypto prices, the SHA-256 hash rate has remained stable and unhindered.
BTC to USD Price Analysis:
Let’s analyze the price of Bitcoin over a period of 25-days. On September 01, BTC was trading around 9,596.18 USD. However, today, the crypto has declined by a substantial margin of 12.02%. Similarly, Bitcoin marked a dip of 17.5% in the weekly trading, from the price area of 10,233.54 USD on September 20. However, yesterday’s trading was a bit flattish where the coin, after opening at 8,603.43 USD, slid down by 1.35% and closed at 8,486.99 USD.
After a week of huge decline, Bitcoin has shown a bit of stability in the last couple of days. For now, the immediate resistance for the coin is at 8635.99 USD and additionally, the support level is at 8,280.89 USD.
The increasing of hash rate shows the interest of the community and the addition of new miners on the chain. For now, the market is bearish, but it seems that the declining trend has been on a halt. Further, the coin is expected to show some positive movement soon.