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Most crypto market participants have been closely watching to see how Bitcoin (BTC) reacts to its current position within the middle-$10,000 region, as whether or not it climbs higher or breaks lower from this price level could set the tone for the rest of the year.
Regardless of where the price goes in the near term, one critical fundamental indicator just hit a fresh all-time-high today, signaling that Bitcoin is fundamentally robust at the moment, which may ultimately result in bullish price action in the long-term.
Bitcoin Price Stagnates
At the time of writing, Bitcoin is trading down marginally at its current price of $10,380, a price region at which it has been trading sideways at for the past several days.
Previously, analysts have noted that $10,400 is a critical price level for the cryptocurrency, and a failure to decisively flip this current resistance level into a support level could spell trouble for BTC in the coming days and weeks.
Mayne, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a decisive break above $10,400 could lead Bitcoin’s price to surge past $11,000, but any extension of its downwards momentum could lead it to plummet back into the $9,000 region.
“$BTC Doesn’t look like we are going to hold $10.4K, if we can regain it we may have a shot at $11k. I’d look for a run of that $11.5k swing high. For now, this is looking dumpy to me, lose $10.2k and the $9k equal lows are calling,” he noted.
Doesn't look like we are going to hold $10.4K, if we can regain it we may have a shot at $11k. I'd look for a run of that $11.5k swing high.
For now, this is looking dumpy to me, lose $10.2k and the $9k equal lows are calling. pic.twitter.com/bn8Lt2zU5u
— Mayne (@Tradermayne) September 9, 2019
BTC Hash Rate Surges to Fresh All-Time-High
Bitcoin’s hash rate, which is a key indicator that shows BTC’s network health, just surged to a fresh all-time-high today, which signals that the cryptocurrency’s network is incredibly healthy at the moment, despite its current price lull.
Bitcoin Birch, another popular crypto analyst, spoke about this in a recent tweet, noting that it is up over 70% year-over-year.
“Bitcoin has never been stronger. A $BTC chart often overlooked is hashrate (miner power dedicated to processing transactions). Simply put; more hashes = a more secure & stronger blockchain. It just made a new all-time high, up 70%+ YoY,” he said.
Bitcoin has never been stronger 💪
A $BTC chart often overlooked is hashrate (miner power dedicated to processing transactions).
Simply put; more hashes = a more secure & stronger blockchain.
It just made a new all-time high, up 70%+ YoY. pic.twitter.com/AYIKRUyFA0
— Birch (@BitcoinBirch) September 9, 2019
As Bitcoin continues to range around the key $10,400 level, it is highly likely that it will soon grow clear as to whether or not bullish fundamentals are enough to propel the crypto’s price back towards its previously established all-time-highs.
Featured image from Shutterstock.
