• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Hash Rate Peaks But Pullback Still Looming as Analysts Eye $9k

Martin Young by Martin Young
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom
Advertisement
Listen to Article

The Bitcoin network is looking stronger than ever but prices are starting to decline in a long awaited correction. The weekend had many thinking that the bulls could push higher, but those thoughts have been quashed Monday morning as markets continue to dump.

Bitcoin Dumps 9% on The Day

The weekend witnessed a minor resurgence from Bitcoin which managed to push back above $12k for a few hours. It could not hold there however and started a slow slide shedding a thousand dollars over the past day, dropping back to around $11k. The decline marks a 9 percent loss for BTC as crypto markets dump $25 billion.

bitcoin
BTC price 24 hours, Coinmarketcap.com

The weekly closing candle has also indicated that further losses could be imminent as indecision between bulls and bears could signal a short term trend reversal. The portentous looking ‘shooting star’ candle has been widely commented on around CT with many eyeing levels of support below five figures.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The four hour chart has formed a descending channel with a pullback around the $9,000 area where the 200 EMA lies. This also ties up with a predicted correction of over 30 percent which would put BTC in the same zone from its recent high of $13,800.

Crypto trader Alex Krüger has mapped out all of the possible areas of support and resistance:

Very useful… thanks for posting https://t.co/KzyC9eKFZ4

— Thomas Lee (@fundstrat) July 1, 2019

Some are predicting range bound trading between high $8,000s and $14,000 for a few weeks before a push higher as the bull market continues.

“Bitcoin will range between $8,800 & $14,000 over the next couple of weeks to month (compiling the data from traders I’m inclined to trust over others). Afterward, $20,000 is the next target, with eyes toward $28,000 & $30,000, before a correction… we’ll reassess at that point.”

Bitcoin will range between $8,800 & $14,000 over the next couple of weeks to month (compiling the data from traders I'm inclined to trust over others).

Afterward, $20,000 is the next target, with eyes toward $28,000 & $30,000, before a correction… we'll reassess at that point.

— Omar Bham (Crrrrypt0) (@crypt0snews) June 30, 2019

A little sideways action may not be a bad thing for Bitcoin. It would allow for more accumulation and may give some of the altcoins time to wake from their long hibernation.

Bitcoin Hash Rate Hits ATH

The Bitcoin network is still looking stronger than ever as hash rate, the horse power behind the computational calculations, has hit another all-time high. According to bitinfocharts.com BTC hash rate hit 68.37 exahashes/second over the weekend, the highest it has ever been. This has increased network security making BTC more systemically stable. As a result, difficulty is also at an all-time high of 7.93 T.

Bitcoin's hashrate is now at 69,000,000,000,000,000,000 hashes every second.

Hashrate is up 2x since Dec 2018 lows, and over 10x since Jun 2017. pic.twitter.com/1fdLnH5mtq

— Kevin Rooke (@kerooke) June 30, 2019

On the downside transaction fees have also increased, hitting a yearly high of $6.55 at the end of last week. Despite the current correction all indicators are strong for Bitcoin and it is likely to see out the year on a high. Since January first BTC is already up almost 200 percent and the institutions are still waiting on the sidelines.

Image from Shutterstock
Tags: bitcoinbtccorrectionhash ratetransactions
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Finlaw Associates to Submit Draft Cryptocurrency Regulation to Indian Govt as Community Demands for Clarity, Mr. Mishra Explains

Finlaw Associates to Submit Draft Cryptocurrency Regulation to Indian Govt as Community Demands for Clarity, Mr. Mishra Explains

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin En Route to $30,000 After Price Falls ~12% in a Day; Here’s Why

2 days ago
Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

2 days ago
btcu

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

3 days ago
Can Blockchain Help Enterprises Navigate GDPR Headaches?

Can Blockchain Help Enterprises Navigate GDPR Headaches?

3 days ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.