Bitcoin (BTC) Price and Hashrate Divergence May Set the Scene for a Potential Rally, Historical Data Shows
Bitcoin has been displaying signs of recovery recently, with the cryptocurrency gaining approximately $9,000 since hitting a local bottom on Sept. 6. This increase in value amounts to a significant 15% jump in price.
The divergence between bitcoin’s price and its hash rate began to emerge in July and has continued into early September. During this period, the computing power of the network reached an all-time high of 693 exahashes per second (EH/s) on a seven-day moving average. Meanwhile, bitcoin’s price was hovering around $54,000.
This trend indicates a potential decoupling of bitcoin’s price from its hash rate, suggesting that other factors may be influencing the cryptocurrency’s value. Despite market fluctuations, bitcoin has shown resilience and remains a popular choice among investors and traders.
