An essential Bitcoin Metric (BTC) has reached a new all-time record as miners promise more and more computing power to secure the network.
Data from several resources, including Blockchain, confirm that on July 6, the average seven-day Bitcoin hash rate reached a new high.
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Bitcoin’s 7-day average hash rate exceeds March’s peak
The achievement follows several weeks of hash rate growth, with the seven-day average at 123.4 EH/s as of Monday.
The previous record occurred in early March, just one week before the Coronavirus-induced drop severely disrupted network and price activity.
The hash rate is an estimate of the amount of computing power the miners are devoting to processing Bitcoin transactions. A higher average suggests that the miners have more faith in profitability, and their activity in turn strengthens the network.
Cointelegraph regularly reports changes in the hash rate, along with the difficulties of Bitcoin mining, which are also on the rise after about a month of stagnation.
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BTC price is at a weak 50DMA
The increase in fundamentals now contrasts with the relative lack of support for Bitcoin’s price increase. As Cointelegraph reported, only a boost from the stock markets saved BTC/USD from a third repeat of the Corona Millionaire USD 9,000 support level in as many days.
The USD 9,370 high was short-lived; the pair is approaching the USD 9,250 level at the close of this edition.
Summarizing the situation, Cointelegraph Markets analyst filbfilb noted that these levels represent the 50-day moving average of Bitcoin (DMA).
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Bitcoin has shown a strong correlation with the S&P 500, and this week PlanB expects BTC to reach $190,000 if the index rises above 4,000.
Meanwhile, realized volatility is at lows not seen since November 2018, just before a big sale sent Bitcoin to a $3,100 low.