Bitcoin Price Rally To $9,600 Still Imminent As Hash Rate Hits New All-time High In July

Bitcoin price remains unchanged for the second day of trading this week. The stagnation has been its cup of tea for a few weeks now. However, the hash rate parameter of the Bitcoin network continues to rise. In other words, hash rate is the level of computational power dedicated to mine Bitcoin.

As per the data released by CoinCorners’s Matt Ward, Bitcoin hash rate hit a new all-time high on Monday. The parameter rose to 147.88 exahashes per second; double the value seen over 12 months back. At the same time, it is over ten times that hash rate during Bitcoin price at $20,000.

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Bitcoin Price Analysis

A higher hash rate means that the Bitcoin network is more secure. Unfortunately, the price has flattened with little to no volatility. One of the biggest evangelist for Bitcoin and also a prominent investor, Max Keiser says that a rally is likely to follow the surge in the hash rate. In a tweet published on Monday, Keiser showed his optimism saying:

Hashrate precedes price BTC. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing Soon, BTC will actually be drawing energy away from fiat.

BTC/USD 1-hour chart

At the time of writing, Bitcoin is trading at $9,238 after bouncing off short term support at the 50% Fibonacci level. A weak bullish trend is building towards the resistance at $9,300. Buyers must, however, brace for more resistance at the 50 EMA ($9,260.66) and the 100 EMA ($9,256.59). The weak momentum is supported by the upward-pointing RSI. A cross above the midline would encourage bulls to increase their entries and push Bitcoin above $9,400 and pave the way for $9,600.

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Bitcoin Key Intraday Levels

Spot rate: $9,234

Percentage change: -0.02%

Relative change: -2.13

Trend: Bullish

Volatility: Expanding