Bitcoin’s network difficulty reached an all-time high of 90.67 trillion as of August 2, 2024. Bitcoin’s hashrate reached an all-time high of 677 EH/s on July 27, strengthening the security of the network. Bitcoin’s RSI is at 44, suggesting a possible oversold state and the price may test $58,000.
Bitcoin set a new record for network difficulty, reaching $90.67 trillion on August 2, 2024, according to data from CoinWarz.
The milestone represents a significant recovery after three months of declining difficulty and signals a renewed sense of confidence among miners in the cryptocurrency network.
An increase in difficulty means that mining new Bitcoin blocks requires more computing power, raising operational costs and potentially affecting Bitcoin's future supply and price trends.
Bitcoin hash rate hits record high
On July 27, Bitcoin's hashrate spiked to a record 677 EH/s, reflecting a robust and secure network infrastructure. The peak indicates increased competition among miners, making the network more resilient against potential security threats.
A high hash rate not only indicates increased mining activity, but it can also have a positive impact on Bitcoin price by increasing investor confidence.
Downward pressure on BTC price intensifies
Bitcoin is currently trading at $63,103.42, up 0.17% over the past 24 hours. The cryptocurrency has fluctuated between $62,248 and $65,593, indicating that it is on a gradual recovery trajectory despite recent volatility.
If this trend continues, Bitcoin could avoid the $62,000 resistance level and pave the way to new highs.
However, Bitcoin’s Relative Strength Index (RSI) is at 44.64, suggesting that the cryptocurrency is nearing oversold conditions.
The decline in the RSI indicates that the bullish momentum is weakening and if the bears gain strength, Bitcoin might test the next support level at $58,000.Continued market pressure could lead to further declines.
Overall, Bitcoin's network difficulty and hash rate increases highlight a strengthened and competitive mining environment. These factors are essential to assess the health and security of the network as Bitcoin weathers continued price fluctuations.
