But does the market depend on the big ones?
The Bitcoin price (BTC) can still not break out of its price range. With a slight plus of 0.1 percent, the Bitcoin price is currently trading at $ 9,273 and has posted an increase of 2.1 percent, at least on a weekly basis. If the bitcoin price fails to break the trend lines at $ 9,320 and $ 9,400, and slips below the resistance at $ 9,250, a bearish scenario threatens. This would result in further price reductions.
The leading cryptocurrency has nestled domestically in the $ 9,000 to $ 10,000 corridor. It remains to be seen whether the Bitcoin price can get out of this zone during the summer lull. There is hope in the confirmation of the buy signal by the hash ribbon, which – at least so far – has led to dreamlike increases in value of up to 5000 percent.
Hash rate on the upswing
The hash rate has undergone a turbulent development in 2020. After the corona-related slump in the markets at the beginning of March, there was a temporary drop in computing power. Subsequently, it could screw up again just as quickly. The halving in May, however, gave the miners another damper. The hash rate dropped again, sparking speculation about the stability of the network.